Falling markets hit US stocks...again
Publishers suffer more losses on a lukewarm reaction to $1.5 trillion US bank bail-out plan
The financial markets in the US took another tumble overnight as investors seemed less than impressed after a USD 1.5 trillion bank bail-out plan was unveiled.
The Dow Jones fell by 4.6 per cent over the day yesterday, while the NASDAQ dropped by 4.2 per cent, catching up listed publishers in the process.
Electronic Arts was hit the hardest, its stock dropping 9.4 per cent to USD 16.84, while Time Warner fell by 7.4 per cent to USD 8.66 and THQ dropped 7.1 per cent to USD 3.02.
Take-Two dropped by 6.1 per cent to close the day at USD 7.49, while Intel saw its share price fall by 5.6 per cent to USD 14.08 even after committing to a USD 7 billion investment in the US market.
Retailers weren't immune to the situation either - Best Buy dropped 4.8 per cent to USD 28.70, while Wal-Mart was down 3.2 per cent to USD 47.72, although GameStop's loss was limited to 2 per cent.
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