Economic worry sinks Wall St; Dow falls 220 pts

US stocks finished sharply lower on Wednesday, the first trading day of 2008, after data showed a surprise contraction in manufacturing and oil surged to US$100 a barrel, heightening concerns about the economy's outlook.

Based on the latest available data, the Dow Jones industrial average dropped 220.86 points, or 1.67 per cent, to close unofficially at 13,043.96.

The Standard & Poor's 500 Index unofficially finished off 21.19 points, or 1.44 per cent, at 1,447.17.

The Nasdaq Composite Index slid 42.65 points, or 1.61 per cent, for an unofficial finish at 2,609.63.

- REUTERS