US stock exchange 'back in the red'

US stock exchange 'back in the red'

US stocks have slumped again after an apparent recovery from yesterday's "Black Monday" wipe-out.

The Dow Jones Industrial Average ended 1.3 per cent lower than yesterday.

Earlier the Chinese stock market fell for the second day running - prompting China to cut interest rates.

Stock markets in Dublin and other European exchanges recovered much of yesterday's losses.

But reporter Nick Martin says it was a different story on Wall Street: "It looked good for the New York stock exchange today but the last hour was a dreadful one and it’s back in the red.

"The concerns are still very real. They’re always looking at China and that slowing economy.

"They’re looking at the cost of crude oil which is hovering around $42 or $43 per barrel."


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