Wall Street slumps on global concerns
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Wall Street slumped on Tuesday as concerns on European debt problems and possible monetary tightening in Asia pressured the markets.
Investors are worrying about that Ireland will be unable to pay the cost of rescuing its banks, which has already reached over 50 billion U.S. dollars.
The European Union met over Ireland's debt crisis on Tuesday. Although Ireland hasn't asked for a bailout, EU officials said preparations have intensified for possible help.
Concerns on Asia economic outlook also dragged major European indexes and U.S. market lower. Investors believed that more Asian countries are to take tightening measures to combat inflation after South Korea raised interest rates on Tuesday.
Core U.S. producer prices recorded their largest fall in more than four years in October and industrial output was flat, according to the latest report.
Wal-Mart Stores Inc., the world's largest retailer, reported a 9.3 percent increase in third-quarter net income as it benefited from cost controls and a robust international business.
Home Depot, the largest U.S. home-improvement retailer, said its third-quarter net income rose 21 percent, despite a lackluster 1 percent revenue increase.
The Dow Jones industrial average plummeted 178.47, or 1.59 percent, to 11,023.50. The Standard & Poor's 500 index tumbled 19. 41 points, or 1.62 percent, to 1,178.34 and the Nasdaq was down 43. 98 points, or 1.75 percent, to 2,469.84.
Renewed concerns about the global energy demand pressured crude prices lower on Tuesday. Light, sweet crude for December delivery fell 2.52 dollars, or 3 percent, to 82.34 dollars a barrel Tuesday on the New York Mercantile Exchange.
In London, Brent crude was down 1.45 dollars to 85.25 a barrel on the ICE Futures exchange.
