US Stock : US shares shaky in early trade

The benchmark Dow Jones Industrial Average fell nearly 100 points in the first hour of trading to 10,892.87 points.

The tech-heavy Nasdaq Composite was almost flat at 2,383.91 points. The broader S&P 500 too was unchanged at 1,135.76.

The American market seemed to be stabilising,especially with buying at lower levels even as Asian and European bourses plummeted on global economic woes.

Led by South Korea’s Kospi index,which crashed over six per cent,Asian markets closed in the negative territory.

After seeing steep losses in early trade,European shares were recovering ground in the afternoon session.

Paring early losses,London Stock Exchange’s FTSE 100 was arginally down at 5,064.74 points. French benchamrk index Cac 40 dipped over one per cent to 3,043.27 points whereas Germany’s Dax fell 1.5 per cent to 5,517.38 points.

Primarily spooked by global investment banking major Morgan Stanley’s report,which warned that the US and Europe were dangerously close to recession,the Wall Street had tumbled on Thursday.

Disappointing jobless claims data had also added to the uncertainties.

Dow Jones had dropped 419 points to close at 10,990.60 points. S&P 500 slid 4.46 per cent to 1,140.65 points and Nasdaq Composite crashed 5.22 per cent to 2,380.43 points.