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NEW YORK - Brazilian stocks trading in the U.S. market plunged on Thursday to its lowest in three years, after the world's second-largest mining company, Cia. Vale do Rio Doce and oil company Petroleo Brasileiro SA fell on speculation lower commodity prices may affect earnings.
In Brazil, the Bovespa index was closed due to a public holiday in Sao Paulo and Rio de Janeiro.
Vale (NYSE:RIO), (SAO:VALE3), the world's largest iron-producer, lost as much as 4.4 percent to $9.58 after JPMorgan Chase & Co. cut its forecast for iron-ore prices in 2009 by 30 percent.
Meanwhile, Petrobras (NYSE:PZE), (SAO:PETR3) fell 3.4 percent to $4.90 after crude oil fell below $50 a barrel for the first time in almost two years.
Crude-oil futures fell for a fifth session, briefly plunging more than 7% to below $50 a barrel for the first time in almost two years, as global stocks tumbled and economic worries deepened.
Concerns that a slowing global economy will erode demand for fuel and raw materials pushed down commodity prices.
Vale and Petrobras are Brazil's two-biggest stocks.
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