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Stocks Fall on Recession Fears
Citigroup's big drop keys bad day for financials
By Sam Gale Rosen
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Posted Mar 26, 08 3:39 PM CDT
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(Newser)
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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.