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Tortola Capital Reports: Wall Street Droops Amid Fears of Chinese Controls on Lending
The Dow experienced its biggest drop of 2010 on Wednesday as U.S. stocks fell to fears that China's curbs on lending might endanger the global economic recovery.
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-
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