Acadiana Business Index 08-10-11
Mark Lasseigne fills you in on another bad day on Wall Street, a day that wiped out gains made from yesterday.
-Concerns over a global banking crisis, and yesterday's gloomy economic outlook by the Federal Reserve weighed on the market.
-The Dow Jones Industrial Average plunged 520 points to 11,720.
-Leading the declines were financial stocks, with Citigroup falling 10.4%, Bank of America off 10.2%, J.P. Morgan Chase down 5.6% and American Express shedding 7.1%.
-In Europe, stocks fell broadly as worries continued to surround Italian and Spanish government bonds, as well as the some banks on the continent.
-The Department of Energy said U.S. oil inventories dropped 5.2 million barrels last week.
-Crude closed higher at $82.89/ barrel.
-And, amid the volatility gold climbed to at $1781/ounce.