August 31, 2009

U.S. markets start lower Monday

U.S. markets headed lower Monday following a sharp drop in the Shanghai Composite index, where a slump moved into its fifth consecutive week.

In midmorning trading on Wall Street, the Dow Jones industrial average lost 96.43 points, 1.01 percent, to 9,447.77. The S&P 500 index lost 1.25 percent, 12.82 points, to 1,016.11. The Nasdaq composite index shed 28.71 poinIIts, 1.42 percent, to 2,000.06.

The Shanghai index lost 2.9 percent Friday and another 6.74 percent Monday. Stocks closed lower in most Asian markets Monday. The Nikkei 225 in Japan fell 0.4 percent, down 41.61 points, to 10,492.53.

The Hang Seng Index in Hong Kong fell 1.86 percent. The Sensex index in India dropped 1.61 percent.

The benchmark 10-year Treasury gained 2/32 to yield 3.442 percent.

The euro fell to $1.4295 from Friday's $1.4301. Against the yen, the dollar fell to 92.94 yen from Friday's 93.57 yen.