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Losses Continue for 2nd Day

Stagflation stalks the Street; retailers post poor results

By Nick McMaster, Newser Staff

Posted Aug 19, 2008 3:31 PM CDT

(Newser) – Stocks fell today for a second straight session as doubts about financials persisted and economic news painted gloomy outlooks on inflation and housing, MarketWatch reports. Disappointing quarterly reports from the retail sector made a bad situation worse. The Dow fell 130.84 to 11,348.55, the Nasdaq 32.62 to 2,384.46, and the S&P 500 11.91 to 1,266.69.

Insurer AIG led the Dow’s decline, with the other financial components right behind it. In addition to spiking July wholesale prices and falling July housing starts, traders saw gloomy news from prominent retailers. Home Depot fell after posting a 24% second-quarter decline in profit; Saks and Staples also fell on weaker-than-expected quarterly results.

[Images (2)]

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Traders look at the numbers at a post on the floor of the New York Stock Exchange in this undated file photo. (AP Photo/Richard Drew)

Department signs hang at a Home Depot story in Chicago, Friday, Aug. 8, 2008. (AP Photo/Charles Rex Arbogast)

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Inflation is clearly going to remain an issue going forward, in addition to growth not looking too good. - Anthony Conroy, BNY ConvergEx

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Losses Continue for 2nd Day