Sunday January 22, 2006 
Sunday January 22, 2006
Stocks suffer biggest fall since 2003
Stocks suffered their biggest loss in nearly three years on Friday, plummeting on disappointing earnings from blue chips Citigroup Inc. and General Electric Co. and a spike in oil caused by geopolitical tensions. The Dow Jones industrial average and Standard & Poor's 500 stock index posted their biggest point declines since March 24, 2003, soon after the war in Iraq began.
A surge in oil prices above $68 also battered stocks. U.S. crude oil futures shot up $1.52 to settle at $68.35. Crude climbed on concern about potential supply disruptions stemming from Iran's nuclear plans, the targeting of oil companies by militants in Nigeria and Osama bin Laden's threat of attacks against the United States.
The Dow Jones industrial average was down 213.32 points, or 1.96 percent, at 10,667.39. The Standard & Poor's 500 Index was down 23.55 points, or 1.83 percent, at 1,261.49. The Nasdaq Composite Index was down 54.11 points, or 2.35 percent, at 2,247.70. Friday's decline was the biggest point loss for Nasdaq since September 2003.
(2006-01-22 06:06:43 SGT)
[Biz]
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