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Dow Slides 293 Points

Posted Mar 19, 08 3:44 PM CDT in Business 

(Newser) – Stocks slid fast today as commodity prices plunged. Investors rebalanced their portfolios after pumping cash into commodities such as gold and oil for insurance against seesawing stocks, the Wall Street Journal reports. The Dow ended down 293 points to 12,099.66, the Nasdaq 58.3 to 2,209.96, and the S&P 32.2 to 1,298.54.

"This retractment in prices is warranted, given how far the market had come," says one analyst. "My computer screen is filled with nothing but red." On the bright side, Freddie Mac and Fannie Mae stocks jumped after regulators gave the firms more leeway, and Visa's initial public offering spiked more than 33%.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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Trader Vincent Quinones, foreground right, gathers with other traders on the floor of the New York Stock Exchange Tuesday.   (AP Photo/Richard Drew)
Stocks slid today, much like these sleds.   ((c) skippy13)
Evan Solomon of Lehman Brothers MarketMakers talks to a colleague on the floor of the New York Stock Exchange, Tuesday, March 18, 2008.   (AP Photo/Henny Ray Abrams)
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