(MENAFN- AFP) US stocks fell more than one percent to continue a global sell-off Friday, with investors selling down industrial heavyweights Dow Chemical and DuPont after they confirmed plans to merge.
At 1600 GMT, the Dow Jones Industrial Average was off 236.51 points (1.35 percent) at 17,338.24.
The broad-based S&P 500 lost 27.78 (1.35 percent) at 2,024.45, while the tech-rich Nasdaq Composite Index fell 71.51 (1.42 percent) to 4,973.66.
Markets continued to be dragged down by falling crude prices, with major oil-sector firms sinking. Dow member Chevron lost 2.3 percent and Schlumberger 1.8 percent.
Dow Chemical and DuPont both gave up about half the sharp gains that came Wednesday when news leaked they were negotiating a merger that will create a global chemicals and materials giant worth $130 billion.
The all share-swap deal will power the new DowDupont past Germany's BASF as the world's leading chemicals group when it is completed, expected late next year.
In late morning trade Dow Chemical was 2.9 percent lower and Dow member DuPont gave up 4.6 percent.
Elsewhere on the Dow blue-chips roster, Goldman Sachs sank 2.5 percent and Nike 2.1 percent.
Among tech shares, Alibaba lost 4.4 percent after announcing it would buy Hong Kong's leading English-language newspaper, the South China Morning Post.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.