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WORLD> Photo
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US stocks plunge for third straight session
(Agencies)
Updated: 2008-11-13 10:04
Morgan Stanley also plans to restructure its money management business by cutting 9 percent of the group's work force. The securities firm employs about 44,000 people worldwide. Morgan Stanley shares fell US$2.14, or 15.2 percent, to US$11.94. Intel, which fell 41 cents to US$13.52 during regular trading, fell to US$12.56 after hours. Meanwhile, American Express Co. is said to be seeking about US$3.5 billion from the government to help boost its balance sheet, according to a report in The Wall Street Journal citing people familiar with the situation. AmEx, the No. 4 US credit card issuer, won approval Monday from the Federal Reserve to become a bank holding company, which gives it the ability to grow a large deposit base and access financing from the Fed. AmEx shares dropped US$2.35, or 10.5 percent, to US$20.05. Government bond prices, which did not trade Tuesday because of Veterans Day, moved higher as investors looked for safer investments. The three-month Treasury bill's yield fell to 0.13 percent from 0.22 percent late Monday, and the yield on the benchmark 10-year Treasury note fell to 3.67 percent from 3.76 percent late Monday. Lower yields indicate stronger demand. Crude dropped below US$57 a barrel Wednesday on the growing realization that global economic growth next year will slow more than originally feared, cutting demand for crude products such as gasoline. Light, sweet crude fell US$3.50, or nearly 6 percent, to settle at US$56.16 a barrel on the New York Mercantile Exchange. The dollar was mixed against other major currencies, while gold prices dipped. |
