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US stocks take a tumble

November 12, 2008

Negative sentiments driven by slump in consumer spending sent US stocks on a southward spiral.

Dow Jones industrial average shed 110.63, or 1.25 per cent, to 8,759.91. The blue chip index has not fallen below the 8,000 mark in trading since October 10.

The Standard & Poor's 500 index fell 7.36, or 0.80 per cent, to 911.85.

Nasdaq composite index dropped 23.26, or 1.44 per cent, to 1,593.48.

Investors are also jittery as the nation's automakers try to get a bailout from the government. It may be recalled, that President-elect Barack Obama, has also urged President George Bush to ready a bailout package for the nation auto industry.

General Motors on Tuesday said thet it may further reduce its workforce to stay alive.

Image: The Google logo is displayed on a giant screen outside the Nasdaq Market Site studios in New York's Times Square. | Photograph: Stan Honda/AFP/Getty Images

Also read: Your holiday just got cheaper

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