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December 3, 2008 2:43:48 AM CST

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Bad News Pummels Stocks

Posted May 9, 08 3:28 PM CDT in Business 

(Newser) – Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the Nasdaq dropped 5.72 to settle at 2,445.52.

Even with record crude prices, shares of Exxon Mobil led a fall in energy shares. "Oil and commodities have been a safe place to hide while the market was melting down,'' one analyst said. "In the face of a global slowdown, is the demand going to be there two months or six months from now?"

Source Bloomberg

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Martin Sullivan, president & CEO of AIG, at the New York Stock Exchange, in this June 23, 2005 file photo.   (AP Photo/Richard Drew, file)
Citigroup CEO Vikram Pandit is shown in this undated file photo.   (AP Photo/Citigroup)
Traders gather at a post on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
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Dow Jones • S&P 500 • Nasdaq • oil price • Citigroup • AIG • crude oil • ExxonMobil • financial stocks


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