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US stocks drop on more euro concerns, Korea tensions

business Updated: Nov 27, 2010 08:14 IST

IANS
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US stocks fell Friday as credit ratings for Irish banks were cut and tensions simmered on the Korean Peninsula.

Ratings agency Standard & Poor's drastically downgraded the creditworthiness of Anglo Irish Bank and lowered its rating for three other Irish banks. The European Union and International Monetary Fund reportedly hope to reach agreement on a bail-out for Ireland by Sunday.

North Korea, meanwhile, warned that the peninsula was "inching closer to the brink of war" as the US and South Korea planned joint military exercises over the weekend.

The blue-chip Dow Jones Industrial Average dropped 95.28 points, or 0.85 percent, to 11,092. The broader Standard and Poor's 500 index fell 8.95 points, or 0.75 percent, to 1,189.4. The technology-heavy Nasdaq Composite Index was down 8.56 points, or 0.34 percent, to 2,534.56.

For the week, the Dow industrials fell 0.8 percent, and the S&P 500 dropped 0.61 percent while the Nasdaq climbed 0.8 percent.

The New York Stock Exchange was closed Thursday due to the US Thanksgiving holiday.

The US currency rose against the euro to 75.49 euro cents from 75.01 euro cents on Wednesday. The dollar gained against the Japanese currency to 84.06 yen from 83.54 yen.