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.