Tortola Capital Reports: Wall Street Droops Amid Fears of Chinese Controls on Lending

PRLog (Press Release) - Jan. 27, 2010 - The Dow experienced its biggest fall of 2010 on Wednesday as U.S. stocks dropped amid worry that China's curbs on lending might endanger the global economic recovery. IBM's outlook ignited caution about the technology sector.

The Dow Jones industrial average fell 122.28 points, or 1.14 percent, to end at 10,603.15. The Standard & Poor's 500 Index fell 12.19 points, or 1.06 percent, to finish at 1,138.04, the worst drop for the S&P 500 since Friday.

Shares of natural resource companies and big manufacturers, like Alcoa Inc. and Caterpillar Inc, fell amid signals that China may restrain its economic expansion. Tortola Capital’s President and CEO Henry J Marshall cites Peter Kenny of Knight Equity Markets as reporting: “This is really a direct result of concerns around the tightening of credit in China”.  IBM, however, posted a stronger-than-expected quarterly profit late on Tuesday, though investors had misgivings about its guarded 2010 outlook, and sent the stock down nearly 3 percent.

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