Around the World's Markets: New York

Wednesday 12 August 1998 00:02 BST

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US STOCKS tumbled on concern that Japan's troubles would prolong Asia's economic slump and hurt third-quarter profits for the biggest companies. The Dow Jones Industrial Average fell 209.58 points to 8,365.27 by midday, while the Nasdaq dived 3 per cent to 1,784.07.

The market shrugged off the news that US productivity declined 0.2 per cent in the second quarter - the first drop in over three years - which may revive inflation worries.

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Around the World's Markets: New York

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