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North American chemical stocks tumbled on Wednesday

August 11/2011

(ICIS) -- North American chemical stocks tumbled on Wednesday as the Dow Jones Industrial Average plummeted by nearly 520 points, wiping out gains made during Tuesday's short-lived rally.
The Dow Jones Industrial Average closed at 10,719.94, down 4.62%. The decline followed a huge 430-point gain on Tuesday, during which several chemical stocks outperformed the Dow Jones Industrial Average.


As on Tuesday, many chemical stocks on Wednesday performed better than the Dow Jones Industrial Average, with base-oils producer Calumet actually rising, gaining 4.86%.
Among Wednesday's losers, specialty-chemicals producer Ferro dropped the most, falling by 11.14%.


For the majors, Dow Chemical dropped by 4.22%% and DuPont fell by 4.02%.
Industrial gasses producer Praxair declined by 2.17% and fertilizer producer PotashCorp nosed down by 2.59%. Despite those declines, a relative optimism in the nation's chemical industry stems in part from the feedstock advantage in the US.


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Tags:Dow, DuPont.
Category:General News
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