Acadiana Business Index 08-02-11
Mark Lasseigne fills you in on Wall Street's reaction to the passage of the Debt Ceiling Compromise.
-All three major stock indexes fell sharply on Wall Street as investors reacted to more signs of weakness in the U.S. economy.
-The Dow Jones Industrial Average lost 266 points to 11,867.
-The signing of a compromise bill by President Obama, to raise the country's borrowing limit did not avert the sharp decline in stocks.
-29 of the 30 stocks in the Dow Industrials lost ground. General Electric, Home Depot, Pfizer Alcoa, and United Technologies led the index lower with losses of 4 percent or more.
General Motors lost 3.6% and Ford Motor fell 4%. Both companies reported modest gains in new-car sales in July, indicating auto sales remained sluggish for a third consecutive month.
Crude-oil prices fell to settle at $93.79/ barrel.
Gold pushed to record highs on concerns of a slowdown in global growth.
Gold closing at $1,644/ounce.