U.S. Stocks Weak As India’s Rate Hike Raises Global Growth Concerns–Forbes

Posted on May 3, 2011 by

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Wall Street opened lower Tuesday on the heels of declines in other markets around the world after India raised its benchmark interest rate in a bid to keep inflation from rising too far beyond current 9% levels. The move served as a reminder that the emerging economies driving global growth are in the midst of a tightening phase in the face of high prices for food and fuel around the world.

The declines in New York were modest at the start of trading, with the Dow Jones industrial average down 7 points at 12,800, the S&P 500 2 points at 1,359 and the Nasdaq 3 points at 2,861.

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Posted in: India, USA