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Stocks Plummet; Dow Off 362

Rate-cut concerns, and plain old bad news, hit Wall Street hard

By Sam Gale Rosen, Newser Staff

Posted Nov 1, 2007 3:49 PM CDT

(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.

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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Stocks Plummet; Dow Off 362

Rate-cut concerns, and plain old bad news, hit Wall Street hard

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Early Stock Dive Wipes Out Fed-Rate Rally

Dow tumbles by more than 250 points in early trading

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Speculation on New Fed Rate Cut Tempers Losses

Stocks dip early, then tick closer to even ahead of mid-afternoon announcement

Stocks Rally, Flatten, End Down

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise

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Stocks Plummet; Dow Off 362

Rate-cut concerns, and plain old bad news, hit Wall Street hard

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OTHER STORIES ON OUR RADAR

stock market • Citigroup • Federal Reserve • ExxonMobil • interest rate

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Early Stock Dive Wipes Out Fed-Rate Rally

Dow tumbles by more than 250 points in early trading

Stocks Sink as Bernanke Hints at Rate Cut

After early optimistic surge, Dow falls 300 points

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

Speculation on New Fed Rate Cut Tempers Losses

Stocks dip early, then tick closer to even ahead of mid-afternoon announcement

Stocks Rally, Flatten, End Down

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise

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Newser By Users

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More News

What is Newser?