Fourth Quarter Begins In The Negative: Acadiana Business Index
- Greece said over the weekend that it would miss its deficit targets this year.
- The Dow Jones Industrial Average dropped 258 points to 10,655.
- The U.S. manufacturing sector managed to show marginal improvements in September, according to the Institute for Supply Management. However, the group said a lack of new orders is a concern going forward.
- U.S. auto sales climbed in September from a year ago as generous discounts and low-rate financing helped bolster the sales.
- Bank of America led the Dow lower, dropping 9.6% and falling below $5.53 a share. Morgan Stanley fell 7.7% and Citigroup tumbled 9.8%, and Goldman Sachs dropped 4.7%.
- Dow component Alcoa, whose business is sensitive to swings in the global economy, dropped 7%.
- Crude oil fell to the lowest level in a year, settling at $77.61 a barrel.
- And Gold closing at $1,658/ounce.