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July 24, 2008 7:47:14 AM CDT

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Tanking Dow Drops 315 Points

Posted Feb 29, 08 3:15 PM CST in Business 

(Newser) – The Dow lost an incredible 315.79 points today to close at 12,266.39 as AIG reported the biggest losses in its history and bellwether Dell reported a year-over-year fourth-quarter profit decline of 6%. The Nasdaq slipped 60.09 to 2,271.48, and the S&P 500 lost 37.04 to close at 1,330.64.

Financials and techs nosedived while retail stocks tumbled on poor consumer spending news, MarketWatch reports. The Gap bucked the trend, climbing on news of a 21% jump in fourth-quarter profits. Ambac reported that a capital infusion plan was held up, sending the insurer's stock downward. Gold futures rose on the day as commodities investment surged and the dollar dipped.

Source MarketWatch

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Stephen McSherry, center, of JSF Securities talks to colleagues on the floor of the New York Stock Exchange, Friday, Feb. 29, 2008. Stocks fell sharply after a series of economic and earnings reports...   (Associated Press)
April Jarvis of Bear Wagner Specialists watches the early numbers on the floor of the New York Stock Exchange, Friday, Feb. 29, 2008. Stocks fell sharply after a series of economic and earnings reports...   (Associated Press)
Greg Russo of Dente & Bomba LLC talks on his headset on the floor of the New York Stock Exchange, Friday, Feb. 29, 2008. Stocks fell sharply after a series of economic and earnings reports and a further...   (Associated Press)
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S&P 500  • Nasdaq  • Dow Jones  • consumer spending  • commodities  • Dell  • gold  • AIG  • Ambac  • The Gap


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