So it fell from 14000 to 13000, how many billions of dollars lost does that mean?
Our economy is great?
Dow Industrials Fall Below 13,000
By MADLEN READ
AP Business Writer
NEW YORK (AP)
Stocks fell in early trading Wednesday, taking the Dow Jones industrials below 13,000, after a report showing mild consumer inflation was unable to pacify investors still worried about a credit crunch.
The market wasn't calmed either by an announcement from the Federal Reserve that it is ready to add more cash to the banking system if needed. Central banks worldwide have supplied billions of funds to banks over the past week to make cash available for lending and keep interest rates stable.
The Labor Department said its Consumer Price Index - a gauge of price inflation on food, energy and consumer products - rose 0.1 percent in July, meeting the consensus forecast of economists polled by Thomson Financial. Though investors don't want price pressures to be so high that they trigger an interest rate hike from the Fed - which could aggravate the effects of tightening credit - they are worried that the Fed will be unwilling cut rates unless inflation measures come in much lower.
In early trading, the Dow Jones industrial average fell 49.91, or 0.38 percent, to 12,979.01, trading below 13,000 for the first time since April 25. The Dow fell more than 200 points on Tuesday, resuming a weeks-long series of triple-digit moves following a one-day reprieve Monday.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 2.98, or 0.21 percent, at 1,423.56, and the Nasdaq composite index was down 4.43, or 0.18 percent, at 2,494.69.
Bonds rose, with the yield on the benchmark 10-year Treasury note at 4.70 percent from 4.73 percent late Tuesday. Gold prices retreated, while the dollar rose against the euro and British pound.
The Russell 2000 index of smaller companies was down 2.49, or 0.33 percent, at 760.38.
In trading abroad, markets reacted to Wall Street's drop Tuesday.
Japan's Nikkei stock average slid 2.19 percent. In afternoon trading, Britain's FTSE 100 lost 1.35 percent, Germany's DAX index slipped 0.63 percent, and France's CAC-40 dropped 1.68 percent.
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