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Dollar And Stocks Drop As China Calls For New Global Currency

Posted By admin On June 26, 2009 @ 8:05 am In Money Watch | Comments Disabled

Elizabeth Stanton
Bloomberg News [1]
Friday, June 26, 2009

June 26 (Bloomberg) — U.S. stocks fell as the highest American savings rate in 15 years spurred concern that spending will slow, while falling oil drove down energy producers. The dollar dropped after China’s central bank reiterated a call for a worldwide currency.

Exxon Mobil Corp. and Tesoro Corp. dropped as crude oil futures lost 1.5 percent to $69.19 a barrel. Eli Lilly & Co. helped lead declines by health-care companies as Senator Max Baucus said an industry overhaul may be affordable for Congress. The dollar slumped 0.7 percent against six trading partners as China sought to replace it as the global reserve currency.


Dollar And Stocks Drop As China Calls For New Global Currency 250509BANNER [2]

The Standard & Poor’s 500 Index decreased 0.8 percent to 913.31 at 11:03 a.m. The Dow Jones Industrial Average fell 69.68 points, or 0.8 percent, to 8,402.72.

“The magnitude of that savings rate may have gotten some folks by surprise,” said Philip Orlando, who helps manage $409 billion as chief equity market strategist at Federated Investors Inc. in New York. Economic and earnings growth is “potentially not going to be as robust as some were thinking. That’s weighing on stocks.”  

Full story here. [1]

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URLs in this post:

[1] Bloomberg News: http://www.bloomberg.com/apps/news?pid=20601087&sid=amGrlyCGwYwk

[2] Image: http://prisonplanet.tv/signup.html

[3] U.S. Stocks Drop on Concern About China; Dow Falls Below 10,000: http://www.prisonplanet.com/u-s-stocks-drop-on-concern-about-china-dow-falls-below-10000.html

[4] China Calls For International Oversight Of The US Dollar, Suggests Single Global Currency Replace It: http://www.prisonplanet.com/china-calls-for-international-oversight-of-the-us-dollar-suggests-single-global-currency-replace-it.html

[5] U.S. Stocks Drop, Dow Average Posts Worst 2-Day Loss Since ’87: http://www.prisonplanet.com/us-stocks-drop-dow-average-posts-worst-2-day-loss-since-87.html

[6] Dollar Falls to Lowest Level Versus Euro in 2009 as Stocks Gain: http://www.prisonplanet.com/dollar-falls-to-lowest-level-versus-euro-in-2009-as-stocks-gain.html

[7] Global Stocks, Dollar Tumble as Auto Bailout Fails; GM Slumps: http://www.prisonplanet.com/global-stocks-dollar-tumble-as-auto-bailout-fails-gm-slumps.html

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