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July 9, 2008 4:55:23 AM CDT

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Bad News Brings Out the Bears

Posted Dec 27, 07 3:59 PM CST in Business    Most Covered

(Newser) – The markets suffered steep losses today following the one-two punch of bad news from Pakistan and the Commerce Department. In the wake of Benazir Bhutto’s assassination and a disappointing durable goods report, the Dow fell 192.08, the largest drop in a week, to 13,359.61, while the Nasdaq plummeted 47.62 to 2,676.79 and the S&P 500 fell 21.39 to 1,476.27.

Citigroup fell to a 5-year low after a gloomy forecast from a Goldman Sachs analyst. The widespread decline "has a lot to do with the assassination," one analyst told MarketWatch. "The market is reacting to the bad news, and it doesn't take much to knock it down." Year-end markets typically have low trading volume, which makes them especially sensitive to to bad news.

Sources: MarketWatch, Wall Street Journal, Bloomberg

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Angry Pakistani supporters of Benazir Bhutto set buses ablaze in Lahore, 27 December 2007, following Bhutto's assasination.   (Getty Images)
Pakistan's former Prime Minister Benazir Bhutto at Islamabad airport in Rawalpindi, Pakistan on Thursday, Dec. 6, 2007, as she tries to leave Pakistan, bound for her home in Dubai for a short visit. ...   (Associated Press)
Benazir Bhutto's death was felt in markets across the world.   (Getty Images/McMaster Media)
The body of former Prime Minister Benazir Bhutto is carried out of Rawalpindi General Hospital on December 27, 2007 in Rawalpindi, Pakistan.   (Getty Images)
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