Dismal Day Ends Dismal Week

Housing, oil continue to pummel equities
By Nick McMaster,  Newser Staff
Posted May 23, 2008 3:34 PM CDT
In this Feb. 22, 2006 file photo, a vehicle pulls in to a parking spot outside the Nordstrom's department store in Park meadows Mall in the southeast Denver suburb of Lone Tree, Colo. Nordstrom Inc. is...   (AP Photo/David Zalubowski, file)
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(Newser) – Stocks fell today, rounding out a gloomy week as the familiar themes of housing malaise and energy costs manifested in widespread big losses, MarketWatch reports. The Dow fell 145.99 to close at 12,479.63, the Nasdaq lost 19.91, settling at 2,444.67, and the S&P 500 fell 18.42, closing at 1,375.93.

Ford led automakers down after it said the energy scenario meant it probably won’t turn a profit in 2009. Nordstrom and other retailers declined off the bite gas costs are taking out of discretionary spending. And the Labor Department's announcement that sales of previously owned homes matched April’s record low didn't help the gloomy picture. For the week, the Dow fell 3.9%, the Nasdaq 3.3%, and the S&P 500 3.5%.