US Stocks Decline, Dollar Soars


New York, March 25 (DPA) Concerns about the impact of worldwide government indebtedness on the global recovery outweighed positive US economic news as major Wall Street indices fell Wednesday.

Portugal saw its long-term bond rating downgraded by the Fitch agency, while a UBS Investment Bank economist predicted that Greek would eventually default on its debt.

The US Commerce Department reported that orders for durable goods rose last month in the US for the third month in a row.

The blue-chip Dow Jones Industrial Average slipped 52.68 points, or 0.48 percent, to 10,836.15. The broader Standard and Poor's 500 Index lost 6.45 points, or 0.55 percent, to 1,167.72. The technology-heavy Nasdaq Composite Index fell 16.48 points, or 0.68 per cent, to 2,398.76.

The US currency rose against the euro to 75.03 euro cents from 74.05 euro cents on Tuesday. The dollar leapt against the Japanese currency to 92.11 yen from 90.44 yen to end the previous session.

 

  

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