honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Updated at 1:36 p.m., Friday, October 3, 2008

Local stocks follow Wall Street lower

Advertiser Staff

Hawai'i stocks had another down day as Wall Street endured another sell-off, this one driven by worries that the $700 billion financial rescue won't overcome problems in the U.S. economy.

Seven of the 11 stocks in the Honolulu Advertiser-Bloomberg Hawai'i Index fell on the day, led by a 10 percent drop in the share price of Hawaiian Airlines' parent company. The index dipped 1.78 points to 89.38.

On Wall Street the Dow Jones Industrial Average was off 1.5 percent to 10,325.38, and the Standard & Poor's 500 Index slipped 1.35 percent to 1,099.23.

Hawaiian Holdings fell 87 cents to $7.79 in leading the local index lower. Also off was Central Pacific Financial, which was down 4 percent after declining 75 cents to $17.66.

Three stocks in the index rose while on remained unchanged. Among gainers, Cyanotech Corp. charted a 6.6 percent increase.