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Dow Plummets 306.95 Points

Posted Jan 17, 08 3:42 PM CST in Business 

(Newser) – The Dow plunged 306.95 points to 12.159.21 today, its third straight sell-off and worst loss of the new year, as rough numbers put investors in a bearish mood. The key index has now fallen more than 1,000 points since 2008 began. Merrill Lynch posted a huge quarterly loss, manufacturing slowed, and housing starts came in at their lowest level since 1991.

The Nasdaq fell 47.69 to 2,346.90, while the S&P closed at 1,333.25, down 39.95, MarketWatch reports. Ben Bernanke’s public support of a stimulus plan served as a reminder of troubled times and sent markets downward, analysts said. Bond insurer Ambac Financial plummeted 53.6% today on news of a Moody’s review, while AIG fell 6.0%, and Merck dropped 5.9%.

Sources MarketWatch, MarketWatch

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Traders work on the floor of the New York Stock Exchange Wednesday, Jan. 16, 2008. Stocks fell Wednesday after Intel Corp. announced disappointing earnings and issued a lackluster forecast that raised...   (Associated Press)
Traders work on the floor of the New York Stock Exchange Wednesday Jan. 16, 2008. Stocks fell Wednesday after Intel Corp. announced disappointing earnings and issued a lackluster forecast that raised...   (Associated Press)
A specialist looks at her screens at her post on the floor of the New York Stock Exchange Wednesday, Jan. 16, 2008. Stocks fell Wednesday after Intel Corp. announced disappointing earnings and issued...   (Associated Press)
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S&P 500  • Nasdaq  • Dow Jones  • Ben Bernanke  • manufacturing  • Merck  • AIG  • housing starts  • Ambac Financial


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