By Vivianne Rodrigues
Reuters Wed May 17, 2006 NEW YORK - U.S. stocks plunged on Wednesday, wiping out $64 billion in market value from the 30 companies that make up the Dow and giving the blue-chip average its biggest one-day drop in three years, as investors bet the Federal Reserve will need to keep raising interest rates to fight inflation.
Investors particularly hammered shares of banks, industrial conglomerates and other rate-sensitive companies. An index of bank stocks slid 1.8 percent, while shares of blue-chip Citigroup Inc. dropped 1.4 percent. The blue-chip Dow dropped more than 200 points, the biggest slide since March 2003. The market's rout left the Nasdaq mired in its longest losing streak in five years. |
Last Updated Wed, 17 May 2006 11:06:33 EDT
CBC News |
By Ralph Atkins in Frankfurt, Jennifer Hughes in New York and Jamie Chisholm in London
FT.com May 17 2006 |
By Mark Trumbull | Staff writer of The Christian Science Monitor
|
BBC News
17/05/2006 |
By SHAUN SCHAFER
Associated Press May 17, 2006 DUNCAN, Okla. - Sixteen people protesting Halliburton Co.'s role as a military contractor were arrested Wednesday outside a building where shareholders discussed spinning off the subsidiary that provides meals, clean laundry and other services to U.S. troops in Iraq.
One man was accused of vandalism for tearing up a plastic fence holding back protesters, and the rest were accused of trespassing as they left an enclosure and headed toward the meeting. Halliburton announced plans last month to sell just under 20 percent of KBR, which has diluted the company's financial results and drawn criticism of its multibillion contracts in Iraq. |
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