Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 10, 2008 4:25:21 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Dow Plummets to Below 12,000

Posted Jun 20, 08 3:34 PM CDT in Business 

(Newser) – The markets tumbled today to lows not seen since the Bear Stearns fiasco in March, MarketWatch reports. Oil surged back over $135 a barrel, erasing yesterday’s meager gains, and bad news continued to depress financials. The Dow fell 220.40 to 11,842.69, the Nasdaq 55.87 to 2,406.09, and the S&P 500 24.90 to 1,317.93.

A New York Times report that Iran might halt oil production because of hostilities with Israel helped spur the price jump. Moody’s downgraded its rating of bond insurers MBIA and Ambac, sending nervous ripples through the financial world. "The perception” three months ago “was that the financials would start to turn things around by this point," said a Thomson Reuters analyst. "That turnaround hasn't happened."

  • For the week, the Dow fell 3.8%, the S&P dropped 3.1%, and the Nasdaq was down 2%.

Sources MarketWatch, Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Dow Sinks Below 11K

    Jul 15, 08 3:34 PM CDT
    Dow Sinks Below 11K The markets ended mixed today after a seesaw session. An $8 decline in crude encouraged investors, but concerns about the fate of the mortgage GSEs and regional banks persisted, MarketWatch reports. The Dow ended down 93.39 at 10,961.80, the first time in over 2 years the average has closed below 11,000. The Nasdaq gained 2.84 to close at 2,215.71, and the S&P 500 fell 13.39 to 1,214.91. More »

  • Stocks Surge on Oil, Fed News

    Jul 8, 08 3:38 PM CDT
    Stocks Surge on Oil, Fed News The markets made strong gains today as crude futures fell more than $5 and the Fed took steps to shore up the housing market, MarketWatch reports. The Dow gained 152.25 points, its biggest jump in a month, to close at 11,384.21. The Nasdaq rose 51.10 points to 2,294.42, and the S&P 500 rose 21.39 points to 1,273.70. More »

  • Stocks Again Stuck in Neutral

    Jun 4, 08 3:42 PM CDT
    Stocks Again Stuck in Neutral The markets finished mixed today as fears over the financial sector clashed with positive economic reports. Moody’s said it may downgrade ratings for Ambac Financial and MBIA because of continued mortgage-related losses, MarketWatch reports, helping the Dow down 12.37 to 12,390.48. The Nasdaq gained 22.66, closing at 2,503.14, while the S&P 500 lost 0.45 to settle at 1,377.20. More »

  • Financials, $108 Oil Sink Stocks

    Mar 10, 08 3:49 PM CDT
    Financials, $108 Oil Sink Stocks US stocks fell today for a third consecutive day as fears of recession continued to spread, MarketWatch reports. With Ambac’s revival uncertain and Countrywide facing a possible securities fraud probe, shares of both financial giants plummeted, pressuring the overall market downward. The Dow lost 153.54 to close at 11,740.15, the Nasdaq dropped 43.15 to 2,169.34, and the S&P 500 fell 20.00 to 1,273.37. More »

  • Markets Dip on Bond News

    Dec 19, 07 3:47 PM CST
    Markets Dip on Bond News The market ended slightly lower after another rollercoaster day, as S&P’s downgrade of major bond insurers took a toll on stocks otherwise buoyed by reports of a positive auction by the Fed. The Dow was off 25.20 to 13,207.27 on news Ambac Financial and MBIA would earn downgraded ratings. The Nasdaq climbed 4.98 points to 2,601.01, while the S&P slipped 1.98 to 1,453, MarketWatch reports. More »

Traders and Specialists work on the trading floor of the New York Stock Exchange during the afternoon hours Friday, June 20, 2008.   (AP Photo/David Karp)
Specialists work their post on the trading floor of the New York Stock Exchange during afternoon hours Friday, June 20, 2008.   (AP Photo/David Karp)
Broker John Bates works on the trading floor of the New York Stock Exchange during the afternoon hours Friday, June 20, 2008.   (AP Photo/David Karp)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 6)

Tags

Financial Crisis  • Iran  • Israel  • Dow Jones  • S&P 500  • Nasdaq  • oil price  • MBIA  • Ambac  • Ambac Financial  • Moody's


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories