Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Dow Plummets 214 Points

Market ends at its lowest level in 18 months

By Nick McMaster,  Newser Staff

Posted Mar 6, 2008 3:44 PM CST
Email

(Newser) – The markets fell sharply today as the dollar hit a fresh low against the euro, oil prices hit a fresh high, and more bleak news on the housing front came to light, MarketWatch reports. The Dow plummeted 214.6 points to settle at 12,040.39, its lowest level in 18 months. The Nasdaq fell 52.31 points to 2,220.50, and the S&P 500 dropped 29.36 to 1,304.34.

US mortgage foreclosures rose to an all-time high at the end of 2007, and news of loan defaults at Thornburg Mortgage and a Carlyle Group bond fund raised more worries about the deepening credit crisis, Bloomberg notes. "The hits just keep on coming," said one analyst. "Trying to stay optimistic and long-term focused is extremely hard at this point."

A specialist holds his head as he works at his post on the floor of the New York Stock Exchange, Thursday, March 6. 2008. (AP Photo/Richard Drew)
A specialist holds his head as he works at his post on the floor of the New York Stock Exchange, Thursday, March 6. 2008. (AP Photo/Richard Drew)   (Associated Press)
Juan Valle reaches up to change gas prices on a sign posted in front of a gas station in Seattle, Thursday, March 6, 2008. Gas prices extended their advance toward record levels on Thursday. The national average price of a gallon of gas rose 0.7 cent overnight to $3....
Juan Valle reaches up to change gas prices on a sign posted in front of a gas station in Seattle, Thursday, March 6, 2008. Gas prices extended their advance toward record levels on Thursday. The national...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

Oil reaches record $105.96
Newser

Mortgage foreclosures rise
Bloomberg

Euro climbs to another record against dollar
Bloomberg

Carlyle's failure to meet margin calls causes investor fear
Washington Post

More on Carlyle misfortune
New York Times

 
NASDAQ • Carlyle Group • Dow Jones • liquidity • Thornburg Mortgage • oil price • weak dollar • S&P 500

More Newser Stories

Dow Up 56 on Oil, Gold

Dow Rises 173 in Volatile Day

Stocks Continue Strong Rally

Markets Surge on Oil, Financials

Dow Sinks Below 11K
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne