February 23, 2009

Markets churn lower

U.S. stock indexes retreated from early gains Monday, continuing a slide that erased 485 points from the Dow Jones industrial average last week.

Widespread selling knocked tires down 11.04 percent as a group. Iron and steel fell 10.9 percent. But, consumer electronics, automobiles and airline shares rose.

By close Monday, the Dow lost 250.89 points, 3.41 percent to 7,114.78, its lowest mark since May 1997. The Standard & Poor's 500 lost 26.72 or 3.47 percent to 743.33. The Nasdaq composite index lost 53.51 or 3.71 percent to 1,387.72.

On the New York Stock Exchange, 412 stocks declined and 2,694 advanced on a volume of 9.4 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 9/32 to yield 2.764 percent.

The euro fell to $1.2694, compared to Friday's $1.2837. Against the Japanese yen, the dollar rose to 94.59 yen, up from Friday's 93.05 yen.

In Tokyo, the Nikkei average lost 40.22 points to 7,376.16, down 0.54 percent.

In London, the FTSE 100 index lost 38.33 points, 0.99 percent, to 3,850.73.