US shares fall as recession fears reinforced
By Joshuah at 26 March, 2008, 9:57 am
Via FT.com / Markets
Wall Street stocks fell in early trading on Wednesday after new data reinforced impressions that the broader US economy faces the prospects of a significant downturn.Durable goods orders in February unexpectedly fell 1.7 per cent – and by 2.6 per cent excluding volatile orders for transport equipment – according to the Commerce Department.Wall Street shrugs off weak economic data – Mar-25
Financials pace Asian market gains – Mar-25That follows a 4.7 per cent decline in January and suggests that businesses are significantly cutting back on equipment purchases as fears of a recession increase.
John Ryding, chief US economist at Bear Stearns, said: “This weaker than expected report points to declining capital spending in the first quarter, falling orders, and a significant pickup in inventories in relation to sales. This is another report that has a strong recessionary feel about it.”
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