Wall Street fell in early trading Tuesday on concerns that swine flu will dampen a global economic recovery and that some banks may need to raise more capital.
Stocks of companies in the travel and tourism industry were continuously hammered on fears that worried travelers would stay home, as the deadly virus is rampant in Mexico.
The Wall Street Journal said the U.S. government's examination of lenders shows Bank of America Corp. and Citigroup Inc. may need more capital, which tugged at banking stocks.
In addition, U.S. Steel Corp. reported a first-quarter net loss that was more than twice analysts' estimates and cut its dividend as prices plunged. The nation’s largest steelmaker tumbled in early trading.
The Dow Jones fell 45.00 to 7,980.00. Broader indexes also moved lower. The Standard & Poor's 500 index slipped 7.15 to 850.96, and the Nasdaq dipped 13.55 to 1,665.86.
(Xinhua News Agency April 28, 2009)
