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July 4, 2008 11:10:20 PM CDT

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Dow Off 360 on Credit Worries

Posted Nov 7, 07 3:45 PM CST in Business    Most Covered

(Newser) – Stocks plummeted again today as investors remembered just how scary the credit crunch is. Financials led the fall, and the Dow was down 360. "Negative news that was overlooked and ignored yesterday" was back today, one manager told the Wall Street Journal. The Dow finished off 360.92 to 13,300.02, the Nasdaq 76.42 to 2,748.76 and the S&P 44.65 to 1,475.62.

The price of oil retreated today, pausing in the march toward $100 a barrel, though the US dollar continued to diminish, especially after a Chinese official was quoted as calling it a "weak currency." "This is nothing new, but every time the old news hits the wire again, it affects the market," one economist said.

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

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Stock exchange traders react during trade at the New York Stock Exchange.   (Getty Images)
Trader Christopher Alegre rubs his head as he works on the floor of the New York Stock Exchange.   (Associated Press)
The New York Stock Exchange.   (Getty Images)
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