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Market Update : 
S&P 500 and Nasdaq Down 2.6%
Author: 123jump.com Staff
123jump.com
Last Update: 4:14 PM EST February 29 2008

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U.S. stocks fell sharply in the aftenoon trading as worries related to credit market losses mounted. Dow, S&P 500, and Nasdaq fell nearly 3% after AIG reported sharply higher loss. AIG also forecasted more losses in 2008. UBS analyst revised his estimate for the credit market related to losses to $600 billion. Only $175 billion of losses have so far been reported. Gold and silver increased as did most agricultural commodites. Dell earnings fell 6.5% on 10% higher sales.

 
Wheat futures fell 7.90 cents in Chicago trading and closed at $10.86 per bushel. Sugar increased 1 cent to 14.62 cents per pound. Soybean future closed up 2.40 cents to $15.36 per bushel.

Dollar edged lower and traded near record lows against euro to $1.5193 and edged lower against yen to 103.91.
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