Wall Street Woes Hurt Stocks
March 28, 2011
The weighted 30-share IBIS DAX stock index, which tracks prices in electronic trading, ended at 2475.98, down 53.52, after slipping 19.47 Monday. The weighted 30-share DAX stock index that tracks price trends in the official session ended at 2469.79, down 80.74. The DAX and the IBIS DAX are composed of the same stocks and weightings, but track trends in two separate marketplaces. ``This is a purification process after a long bullish phase,'' said Thomasina Krieger, a trader at Munich's Bayerische Landesbank. Traders said the IBIS DAX was also pushed lower in the late afternoon hours by a weaker dollar. The dollar was changing hands at 1.4932 marks late Tuesday, compared with 1.5194 marks late Monday. Chemical shares lost ground due to the weaker dollar, with chemical giant Bayer down 2.53 marks at 50.12 and Hoechst off 1.90 marks at 49.95. Pharmaceutical group Schering outperformed the rest of the sector, however, in the wake of news that it will buy Finland's Quiroz, a specialist in non-oral contraceptives and hormone treatments, for 466 million marks. Schering slipped only 1.70 marks to 100.50.
