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Stocks Tumble on Weak Data

Dow drops 112 points on sluggish growth, rising jobless claims

By Nick McMaster,  Newser Staff

Posted Feb 28, 2008 3:56 PM CST
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(Newser) – Stocks fell more than they had in a week today amid reports of sluggish economic growth, rising jobless claims, and fears of failing banks, Bloomberg reports. The Dow fell 112.10 points to 12,582.18, the Nasdaq fell 22.21 points to 2,331.57, and the S&P 500 12.34 points to 1,367.68. The government said GDP grew by 0.6% last quarter, below analysts' estimates.

Adding to the host of bad fiscal indicators, Ben Bernanke told Congress in his second day of discussions on the economy that he expected some regional banks heavily invested in real estate to fail. "The realization of a weaker economy is starting to hit home," said a director for Morgan Keegan.

Trader Michael Iervoline, left, uses his handheld device as he works on the floor of the New York Stock Exchange Thursday, Feb. 28, 2008. (AP Photo/Richard Drew)
Trader Michael Iervoline, left, uses his handheld device as he works on the floor of the New York Stock Exchange Thursday, Feb. 28, 2008. (AP Photo/Richard Drew)   (Associated Press)
Traders and specialists work on the floor of the New York Stock Exchange, Thursday, Feb. 28, 2008. (AP Photo/David Karp)
Traders and specialists work on the floor of the New York Stock Exchange, Thursday, Feb. 28, 2008. (AP Photo/David Karp)   (Associated Press)
Federal Reserve Chairman Ben Bernanke delivers the Fed's Monetary Policy Report, Thursday, Feb. 28, 2008, during an appearance before the Senate Banking Committee. (AP Photo/Dennis Cook)
Federal Reserve Chairman Ben Bernanke delivers the Fed's Monetary Policy Report, Thursday, Feb. 28, 2008, during an appearance before the Senate Banking Committee. (AP Photo/Dennis Cook)   (Associated Press)
Traders and specialists work the trading floor of the New York Stock Exchange, Thursday, Feb. 28, 2008. (AP Photo/David Karp)
Traders and specialists work the trading floor of the New York Stock Exchange, Thursday, Feb. 28, 2008. (AP Photo/David Karp)   (Associated Press)
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Pricey oil also takes a toll
Wall Street Journal

Bernanke spooks investors with fresh warning signs
FoxBusiness.com

Bernanke warns Congress of some bank failures
Washington Times

 
inflation • Ben Bernanke • NASDAQ • Federal Reserve • Dow Jones • unemployment • GDP • interest rate • S&P 500 • bank failure

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