Wall Street rally stalls
2009-03-20 HKT 07:32
US stocks fell on Thursday on concerns that the Federal Reserve's latest efforts to stem the US recession are too costly and untested, prompting investors to book profits on bank shares after the recent sharp rally. Analaysts say investors were unsettled by the implications of the Fed's action to pump another US$1 trillion into the financial system and a plan to expand its consumer and small business lending programme, fearing the moves could stir up inflation in the long term. The Dow Jones industrial average fell 85.78 points, or 1.15 percent, to 7,400. The Standard & Poor's 500 Index lost 10.31 points, or 1.30 percent, to 784. The Nasdaq Composite Index shed 7.74 points, or 0.52 percent, to 1,483. Oil prices rose. New York's main futures contract, for delivery in April, ended $3.47 higher from Wednesday's close at $51.61 per barrel. The dollar extended its decline.
