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US sharemarkets fell on Wednesday following the release of weaker-than-expected reports on factory orders and housing and surging gold and oil prices.
The Dow Jones industrial average lost around 109.74 points, or 0.88 percent, to close at 12,422.86, while the broader Standard & Poor's 500 index fell 11.86 points, or 0.88 percent, to close at 1,341.13.
The technology-based Nasdaq composite fell 16.69 points, or 0.71 percent, to close at 2,324.36.
CNN reports that shares dipped from the outset after the morning's release of a government report that showed orders for manufactured goods dropped by 1.7 percent in February, well below forecasts for a rise of 0.8 percent.
Investors were further spooked by another government report that revealed new home sales fell to a 13-year low in February and a spike in oil prices, which jumped more than US$4 a barrel after the weekly inventory report showed that crude supplies were unchanged last week, versus forecasts for an increase of 1.7 million.
Market breadth was negative. On the New York Stock Exchange, losers topped winners three to two on volume of 900 million shares, while on the Nasdaq, decliners beat advancers three to two as 1.29 billion shares changed hands.
(c) NewsRoom 2008
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