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May 17, 2008 1:26:37 AM CDT

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Stocks Fall on Recession Fears  

Posted Mar 26, 08 3:39 PM CDT in Business    Most Covered

(newser) – Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422.86, the Nasdaq off 16.69 to 2,324.36, and the S&P 11.86 to 1,341.13.

Clear Channel fell the most since 1989 on worries banks will pull loans for the broadcaster's takeover, Bloomberg notes. "The challenges and headwinds financials face now are many and have direct implications for the average consumer,'' one analyst said. "I think we saw a little bit of an oversold rally and now we're seeing a reaction to that," added another, referring to last week's gains.

Sources: Bloomberg, CNN, Financial Times (UK)

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Stocks Fall on Recession Fears
Stocks fell today on poor indicators across the board.   (AP Photo/Henny Ray Abrams)
Stocks Fall on Recession Fears
Stocks turned bearish today.   (AP Photo/Christof Stache)
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stock market  • recession  • credit crisis  • oil prices  • Citigroup  • Clear Channel


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