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

October 8, 2008 5:56:44 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

'Difficult' Dow Ends Down 358

Posted Jun 26, 08 3:37 PM CDT in Business 

(Newser) – Stocks plunged today due to the convergence of bad news across all sectors of industry against the backdrop of oil’s first surge over $140 a barrel, the Wall Street Journal reports. The Dow plummeted to a 2-year-low, shedding 358.41 to 11,453.42. The Nasdaq fell 79.89, settling at 2,321.37, and the S&P 500 fell 38.82 to close at 1,283.15.

Analysts said that the Fed’s decision to leave interest rates unchanged was weakening the dollar, which in turn sent oil and other dollar-denominated commodities higher. "Unless something dramatic changes, either at the Fed or in housing or we get some relief from higher energy prices, there's no reason to believe this dynamic will not continue," one noted. "This is a difficult environment. The lines of least resistance are down, not up."

Sources: Wall Street Journal, MarketWatch, Bloomberg

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

Related Newser Stories

  • Stocks Creep Higher at Open

    Oct 7, 08 9:02 AM CDT
    Stocks Creep Higher at Open Stocks rose at the opening bell today, buoyed by the Fed’s dramatic promise to intervene in the commercial paper market. The Dow rose 79 points at the open, as the Nasdaq and S&P rose 1.1% and 0.8% respectively, the Wall Street Journal reports. Investors also believe the Fed, ECB, and BoE may join forces for a coordinated, international rate cut. More »

  • Dow Falls 777 On House Vote

    Sep 29, 08 3:42 PM CDT
    Dow Falls 777 On House Vote The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a barrel. The Nasdaq shed 199.61, closing at 1,983.73, while the S&P 500 lost 106.59 to settle at 1,106.42. More »

  • Stocks Flat Amid Bailout Wait

    Sep 24, 08 3:25 PM CDT
    Stocks Flat Amid Bailout Wait Stocks swung between gains and losses today as the proposed financial bailout continued to dominate conversation but remained unsettled. The technology-rich Nasdaq was more insulated from the swings, and closed up 2.35 at 2,155.68. The Dow lost 29.00 to close at 10,825.17, while the S&P 500 shed 2.35, settling at 1,185.87, the Wall Street Journal reports.
    More »

  • Late Rally Lands Dow Up 410

    Sep 18, 08 3:25 PM CDT
    Late Rally Lands Dow Up 410 The markets rallied late in today’s rollercoaster session, keying on a $360 billion plan to shore up money markets and reports that the Fed might form a government body to absorb firms’ bad credit bets, the Wall Street Journal reports. The Dow gained 410.03 to close at 11,019.69. The Nasdaq closed up 100.25 at 2,199.10, while the S&P 500 rose 50.01, settling at 1,206.40. More »

  • Dow Plunges 449 Points

    Sep 17, 08 3:41 PM CDT
    Dow Plunges 449 Points Stocks plummeted again today as insecurity about the financial system gripped the markets, the Wall Street Journal reports. The AIG bailout proved to be of little comfort to traders, who quickly began betting on the next big firm to fall. The Dow closed down 449.36 points to 10,609.66. The Nasdaq fell 109.05, closing at 2,098.85, and the S&P 500 lost 57.21 points, settling at 1,156.39.
    More »

This undated file photo from the U.S. Fish and Wildlife Service's Alaska Image Library shows a polar bear. Less than a month after declaring polar bears a threatened species because of global warming,...   (AP Photo/U.S. Fish and Wildlife Service)
This Monday, May 22, 2006 file photo provided by Mary Sage shows a polar bear watching a whaling crew off shore near Barrow, Alaska.   (AP Photo/Courtesy of Mary Sage, Joseph Napaaqtuq Sage)
Andrew O'Connor, left, works with other traders on the floor of the New York Stock Exchange Thursday June 26, 2008.   (AP Photo/Richard Drew)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 2)

Tags

Dow Jones  • Federal Reserve  • S&P 500  • Nasdaq  • oil price  • inflation  • Goldman Sachs  • Wachovia


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »