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December 2, 2008 5:47:34 AM CST

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Markets Plunge on GE News

Posted Apr 11, 08 3:46 PM CDT in Business 

(Newser) – The markets went into a tailspin today after GE shares declined 13%—the company's worst performance since the 1987 crash, the Wall Street Journal reports. The Dow fell 256.56 points to close at 12,325.42, the Nasdaq dropped 61.46 points to 2,290.24, and the S&P 500 shed 27.72 to settle at 1,332.83.

Today’s bearish results cemented weekly losses of 2%-3% for the major indices. "GE never surprises us,” one analyst complained. “They had the whole month of March to let us know—all they had to say is: business is slow!" Adding to the depressed climate, consumer confidence fell to its lowest level since 1982.

Sources: Wall Street Journal, MarketWatch, Bloomberg

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Salesman Hank Pham puts the price on a GE microwave in the appliances section of Howard's Appliance and Big-Screen Superstore in San Gabriel, Calif., Tuesday April 8, 2008.   (AP Photo/Kevork Djansezian)
Trader Joseph Chirico, foreground right, gathers with colleagues on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
A General Electric Co. logo is seen on products on a shelf, Friday, April 11, 2008 at a grocery store in Danvers, Mass.   (AP Photo/Lisa Poole)
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Dow Jones • S&P 500 • Nasdaq • consumer confidence • General Electric • first quarter earnings


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