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July 25, 2008 9:29:21 PM CDT

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Stocks Plummet; Dow Off 362

Posted Nov 1, 07 3:49 PM CDT in US,  Business 

(Newser) – Stocks turned sharply downward today—including a 362-point plunge by the Dow—on concerns over yesterday's Fed rate cut and bad news from Exxon Mobil and Citigroup. The cut led to "nervousness that there's another shoe to drop," a analyst told the Wall Street Journal. The Dow was down 362.14 to 13567.87, the Nasdaq off 64.29 to 2794.83, and the S&P fell 40.94 to 1508.44.

Investors fret that the cut could signal an abandonment of the fight against inflation and a strong possibility of more gloom on the financial horizon. Profits for oil giant Exxon Mobil were way down in the third quarter, and Citigroup was downgraded to a "sector underperformer" by an analyst as the bank giant continues to struggle against the credit-crunch tide.

Sources Wall Street Journal, Bloomberg, Financial Times (UK), CNN

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The Citibank logo is shown on a branch office in this April 11, 2007 file photo in New York. (AP Photo/Mark Lennihan, file)   (Associated Press)
A worker delivers fuel to an Exxon station in Keller, Texas in this Jan. 27, 2007 file photo. Exxon Mobil Corp., the world's biggest publicly traded oil company, on Thursday, Nov. 1, 2007 said its profit...   (Associated Press)
The Dow plunged by over 300 today.   ((c) Shellie Raney)
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