Dow falls for 5th straight session on grim data

PNC Financial Services Group Inc. and National City Corp. shareholders approved PNC's acquisition of the Cleveland-based bank, and Wells Fargo & Co. and Wachovia Corp. shareholders approved Wells Fargo's $11.8 billion purchase of the Charlotte-based bank.

Shares of Pittsburgh-based PNC rose 33 cents to $43.01, and National City shares edged up 4 cents, or 2.5%, to $1.65 on its last day of trading.

Shares of San Francisco-based Wells Fargo fell 43 cents to $26.99, and Wachovia shares fell 15 cents to $5.30.

The dollar was mixed against other major currencies, while gold prices fell.

Oil prices fell on concerns that energy demand is evaporating in the face of a severe global economic slowdown. Light, sweet crude fell 93 cents to settle at $38.98 a barrel on the New York Mercantile Exchange, after dipping below $38 earlier in the day.

The plunge in energy prices has brought little comfort to stock investors. The downturn should give consumers a break when they heat their homes and fill their cars' tanks, but it is a glaring sign of the grim economic outlook and the shattered financial industry.

In overseas markets, Japan's Nikkei stock average rose 1.57%, and Hong Kong's Hang Seng index fell 2.75%. Britain's FTSE 100 rose 0.16%, Germany's DAX index fell 0.21%, and France's CAC-40 fell 0.73%.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...