U.S. stocks retreated Friday as investors worried about the outlook of economy despite the U.S. government's 700-billion-dollar financial rescue plan.
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Traders work on the floor of the New York Stock Exchange, October 3, 2008. US stocks fell, shedding earlier gains on Friday, as concerns about the economy overshadowed the US House of Representatives' approval of the Bush administration's $700 billion financial rescue package. [Agencies]
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The major indexes rallied Friday morning as the markets believed the House would approve the rescue plan and the Federal Reserve could cut interest rate to boost the weak economy.
The monthly jobs report released earlier in the day suggested the economy may be in a recession. U.S. employers cut 159,000 jobs in September, the 9th straight monthly reduction and the steepest decline in five and a half years.
Stocks fell after the House vote as investors moved their focus on the tough economic road still ahead and on how the bill will be implemented.
The Dow Jones industrial average fell 157.15 points, or 1.50 percent, to 10,325.70, while the Standard & Poor's 500 Index slid 15.04 points, or 1.35 percent, to 1,099.24. The Nasdaq Composite Index was down 29.33 points, or 1.48 percent, at 1,947.39.
(Xinhua News Agency October 4, 2008)
