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Wall Street stocks shed on concerns over Asian earthquake
28/12/2004 9:20

Wall Street stocks ended lower Monday as investors worried over the economic impact of the Asian earthquake disasters.

The Dow Jones industrial average fell 50.99 points, or 0.47 percent, to 10,776.13 points. The Nasdaq composite index shed 6.40points, or 0.3 percent, to 2,154.22 points. The Standard & Poor's 500 index lost 5.21 points, or 0.43 percent, to 1,204.92 points.

On Monday, investors shrugged off the decent holiday sales datafrom retailers and focused on the economic impact of the Asian earthquake disasters. Insurers, hotels and travel-related stocks fell as investors worried about the Asian earthquakes, though the economic impact for the United States was not fully determined.

Falling oil prices failed to boost the market. Crude oil futures declined by almost 3 dollars a barrel in the New York Mercantile Exchange, bringing the futures down 26 percent from their record highs late October.

American Insurance Group Inc. fell 41 cents to 65.88 dollars, and Hilton Hotels Corp. shed 5 cents to 22.51 dollars as news fromAsia continued to come in.

Sirus Satellite Radio Inc. gained 15 cents to 8.10 dollars after it reached 1 million subscribers, Amazon.com Inc. jumped 3.32 dollars to 42.25 dollars on rise in holiday online sales, and Wal-Mart gained 24 cents to 52.79 dollars after the retailer reported a rise in its holiday sales.

On the NYSE, declining stocks outstripped advancers 8 to 5, andthe trading volume was 1.17 billion shares.

In late New York trading, the dollar fell against major foreigncurrencies. The euro rose to 1.3620 dollars from 1.3493 dollars late Thursday. The British pound rose to 1.9335 dollars from 1.9201 dollars. The dollar was quoted at 103.10 yen, down from 103.70, 1.2193 Canadian dollars, down from 1.2334, and 1.1356 Swiss francs, down from 1.1440.



 Xinhua