(By Salman - iStockAnalyst Writer)US stocks finished lower in thin trade on Friday as worries about Dubai's financial trouble rattled investors.
The Dow Jones Industrial Average lost 154.48 points or 1.48% to finish at 10,309.92. The S&P 500 slid 19.14 points or 1.72% to end at 1,091.49. The Nasdaq Composite shrank 37.61 points or 1.73% to 2,138.44
Stocks came under pressure on Friday on reports that Dubai World, Dubai government's flagship investment company, has asked creditors if it can delay its forthcoming payments until May.
Among financials, shares of Bank of America Corp. (NYSE:
BAC) plunged 48 cents or 3.01% to $15.47.
American Express Co. (NYSE:
AXP) plummeted 88 cents or 2.11% to $40.84.
Shares of Alcoa Inc. (NYSE:
AA), the largest US aluminum maker, slid 34 cents or 2.62% to $12.66.
Equipment maker Caterpillar Inc. (NYSE:
CAT) lost 1.59 or 2.69% to close at $57.45.
Shares of chemical maker DuPont Co. (NYSE:
DD) tumbled 75 cents or 2.13% to $34.40.
Energy shares finished with losses. Exxon Mobil Corp. (NYSE:
XOM) fell $1.60 or 2.09% to $74.87. Chevron Corp. declined $1.47 or $1.85% to $78.17.
Shares of Travelers Companies Inc. (NYSE:
TRV) slumped $1.11 or 2.10% to $51.65.
American International Group (NYSE:
AIG) on Wednesday said that it settled all disputes with former Chief Executive Maurice "Hank" Greenberg and ex-Chief Financial Officer Howard Smith. The parties agreed to release each other from all claims, including any claims by Greenberg and Smith against AIG for indemnification of future legal fees and expenses or settlement costs. Layn R. Phillips, a former U.S. judge, will determine how much AIG must pay in legal expenses for Greenberg and former finance chief Howard Smith, the New York-based insurer said yesterday in a regulatory filing. Shares of AIG slid $1.38 or 3.98% to $33.30.
Shares of Hudson Valley Holding Corp. (NASDAQ:
HUVL) rose 32 cents or 1.23% to $26.34 after it declared a 10% stock dividend, payable Dec. 17 to holders of record Dec. 7.
Dyax Corp. (NASDAQ:
DYAX) announced on Wednesday that it has entered into an exclusive distribution agreement with AmerisourceBergen Corp. (NYSE:
ABC) for its experimental drug Kalbitor. Dyax shares gained 1.24%
European stocks settled higher. The UK FTSE gained 51.60 points or 0.99% to 5,245.73. The German DAX and French CAC increased 0.58% and 0.65% respectively.
Asian stocks finished with steep losses. The Nikkei 225 plunged 301.72 points or 3.22% to 9,081.52. The Hang Seng index of Hong Kong slumped 1,075.91 points or 4.84% to 21,134.50.
NYMEX crude oil for December delivery declined $2.28 or 2.9% to settle at $75.68 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
