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Wall Street market report Wall Street market report
(about 9 hours later)
(Open): Wall Street shares tumbled at the open on Wednesday, in what some analysts attributed to nervousness following the diagnosis of the first case of the Ebola virus on US soil. (Close): US shares ended lower with investors unnerved by the first confirmed case of Ebola in the US.
In early trading, the Dow Jones index was down 105.73 points at 16,937.17 while the broader S&P 500 fell 12.76 points to 1,959.53. Fears about global economic growth and a stronger dollar also hurt.
The tech-heavy Nasdaq index fell 27.64 points to 4,465.75. The Commerce Department said August construction spending fell by 0.8%, and a report from the Institute for Supply Management indicated a modest slowdown in the manufacturing sector.
The Dow had only three winners, with leader McDonald's up just 0.2%. The Dow Jones fell 238 to 16,805, the S&P 500 fell 26 to 1,946 and the Nasdaq index fell 71.30 to 4,422.09.
Bearing the brunt of the Dow's losses were some of the biggest industrial conglomerates in the US. Almost all the 30 stocks comprising the Dow Jones fell. Intel and Johnson & Johnson were both down more than 2%.
United Technologies and Boeing were both down 1.4%, while General Electric shed 1.3%. Airline stocks fell amid speculation the US Ebola case would mean lower passenger traffic. Delta Air Lines fell 3.5% and United Airlines lost 2.8%.
General Motors gained 1.7% after it said it was aiming for a 9-10% profit margins by the early 2020s.
Cola-Cola was up 0.2% and was the only Dow member to close up after it said it would trim its executive compensation plan.
The New York Times Company leapt almost 10% after it said it would cut costs by shedding 100 jobs, more than 7% of newsroom staff.
Tekmira Pharmaceuticals found itself flavour of the day - it is developing treatment for the Ebola virus and its shares rose 18%.