NST Online Business Times : latest

Posted: 27 Aug 2013 04:43 PM PDT

NEW YORK: US stocks closed sharply lower on Tuesday as the West moved closer to punitive military action against Syria for its alleged use of chemical weapons in a devastating attack on civilians.

Warnings stepped up from the United States, France and Britain that Damascus would be held accountable for the August 21 attack, sparking market worries of a possible broader conflict.

At the closing bell, the Dow Jones Industrial Average was down 170.33 points (1.14 percent) at 14,776.13.

The broader S&P 500 index fell 26.30 points (1.59 percent) to 1,630.48, while the tech-heavy Nasdaq Composite lost 79.05 points (2.16 percent) at 3,578.52.

Odds grew that a strike would occur against al-Assad's forces for a chemical weapons attack against civilians as a number of nations and groups - including Britain, France, Canada and the Arab League - joined Washington in urging a firm response to Assad. Adding to the tension, Russia has supported Assad Syria's civil war.

"This (stocks) move is as much about the potential spillover effect in the region as it is the potential for a U.S. strike," said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management, adding that because geopolitical risk had been "ratcheted up," portfolios would need to be reallocated away from riskier investments like stocks.

"Doing that in a market that was already acting sloppy is cause for further weakness," he said. -- AFP, Reuters

Kredit: www.nst.com.my

Selasa, 27 Ogos 2013

NST Online Business Times : latest

NST Online Business Times : latest

0 ulasan:

Catat Ulasan