June 22, 2008	Sunday	Jamadi-us-Sani 17, 1429

NEW YORK, June 21: US stocks took a beating on Friday as renewed worries about the auto sector accelerated a decline in a market already fretting over the troubled financial sector and rising oil prices.

The Dow Jones Industrial Average closed below 12,000 points for the first time since March, tumbling 218.61 points (1.81 percent) to 11,844.48 at the closing bell.

The tech-dominant Nasdaq composite sank 56.28 points (2.29 per cent) to 2,405.78 and the broad-market Standard & Poor’s 500 index slumped 25.05 points (1.87 per cent) to a preliminary close of 1,317.18.

The market opened weaker and losses accelerated after Ford Motor Co. warned of deeper losses into 2009 and Standard & Poor’s issued a note signalling renewed concern about the automaking sector.

Investors were still smarting over trouble in the financial sector after Citigroup’s warning Thursday of further “substantial” writedowns from real estate losses.

Meanwhile oil stormed higher ahead of a weekend meeting of the major players in the market in Saudi Arabia aimed at discussing skyrocketing prices.—AFP