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.
