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US Shares Fall

Posted on: Wednesday, 14 September 2005, 09:00 CDT

US shares fall

NEW YORK, Sept. 13 (Xinhua)-- US shares fell Tuesday, shrug off the declining oil prices, the better-than-expected wholesale prices data and the narrowed deficit.

Crude oil prices fell slightly Tuesday as high prices were starting to slow global economic growth and world demand growth for energy was slowing.Light sweet crude for delivery in October, New York's main contract, plunged by 22 cents to 63.11 dollars per barrel and the price of Brent North Sea crude for October delivery fell 19 cents to 61.61 dollars per barrel in London.

The Labor Department reported wholesale prices increased 0.6 percent in August, less than the 0.7 percent advance expected by analysts; core prices, which strip out food and energy prices, were unchanged.

Separately, the Commerce Department announced that the deficit narrowed in the month by 2.6 percent to 57.9 billion dollars, due to a record amount of US goods and services sold overseas despite the record high cost of foreign oil.

In the company news, Best Buy plunged 5.06 or 10 percent to 45. 30 dollars after the nation's largest consumer-electronics retailer said higher costs caused second-quarter profit to fall short of Wall Street's target and will also hurt upcoming earnings.

Airlines remained under pressure. Northwest Airlines fell 91 cents to 2.41 dollars and Delta shed two cents to 0.83 dollar on reports that both major carriers were preparing bankruptcy filings.

The Dow Jones industrial average gained 85.5, or 0.80 percent, to 10,682.94.In the broader market, the Standard & Poor's 500 index dropped 9.36, or 0.75 percent, to 1231.20, while the technology- laced Nasdaq composite index slid 11.08, or 0.51 percent, to 2171.75.

Source: Xinhua News Agency - CEIS

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