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US market indices go down

10 September 2008 12:09 (UTC +04:00)

Baku. Vugar Mustafayev - APA-Economics. The Dow fell 280.01, or 2.43 percent, to 11,230.73.
Broader indexes also fell. The Standard & Poorâ€™s 500 index declined 43.28, or 3.41 percent, to 1,224.51, and the Nasdaq composite index fell 59.95, or 2.64 percent, to 2,209.81.
The declines ate into returns logged Monday when the Dow jumped 2.6 percent, the S&P 500 rose 2.1 percent and the technology-heavy Nasdaq composite index added 0.62 percent.
Bond prices jumped as stocks retreated. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.57 percent in late trading from 3.68 percent late Monday.
Oil closed below $104 a barrel for the first time since early April after Hurricane Ike appeared to be headed away from energy installations in the Gulf Coast. In Vienna, OPECâ€™s president signaled the cartel wouldnâ€™t cut production. Light, sweet crude fell $3.08 to settle at $103.26.
The dollar was mixed against other major currencies, while gold prices fell.
Among financial names, Citigroup Inc. fell $1.44, or 7.1 percent, to $18.88, while Morgan Stanley fell $2.87, or 6.6 percent, to $40.40. Merrill Lynch & Co. declined $2.83, or 10.3 percent, to $24.76.
Shares of American International Group Inc. tumbled $4.39, or 19.3 percent, to $18.37, after hitting a new 52-week low of $18.28 earlier in the session.
Energy companies also lost ground as oil fell.
In corporate news, McDonaldâ€™s Corp. said its same-store sales, or sales at stores open at least 13 months, rose 4.5 percent in the U.S. in August and 8.5 percent globally. The stock rose 77 cents to $63.19.
The Russell 2000 index of smaller companies fell 25.57, or 3.49 percent, to 707.29.
Declining issues outnumbered advancers by about 9 to 1 on the New York Stock Exchange, where consolidated volume came to 7.19 billion shares, compared with 7.17 billion shares on Monday.
Overseas, Japanâ€™s Nikkei stock average fell 1.77 percent. Britainâ€™s FTSE 100 fell 0.56 percent, Germanyâ€™s DAX index fell 0.48 percent, and Franceâ€™s CAC-40 declined 1.08 percent.