New York, October 27: US stocks began the week with a selloff, fuelled by drop Monday in energy companies, home builders and financial shares.
Crude-oil prices plunged more than two percent in New York trading, pushing down oil firms. Other commodities producers lost ground amid drops in copper and gold prices.
Housing-related shares declined as speculation mounted that US lawmakers might scale back a tax credit for first-time home buyers, which is due to expire Nov 30.
Financial firms fell after reports that troubled Bank of America may be forced by the government to raise more capital.
The blue-chip Dow Jones Industrial Average plunged 104.22 points, or 1.05 percent, closing at 9,867.96. The broader Standard and Poor’s 500 Index tumbled 12.65 points, or 1.17 percent, to 1,066.95. The technology-heavy Nasdaq Composite Index lost 12.62 points, or 0.59 percent, to 2,141.85.
The US currency climbed against the euro to 67.28 euro cents from 66.63 euro cents Friday. The dollar rose against the Japanese currency to 92.24 yen from 92.06 yen.
–IANS–