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Poor Day Ends Horrible Week
Dow off 312, but bears show some restraint
By Nick McMaster
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Posted Oct 24, 08 3:23 PM CDT
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(Newser)
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US stocks declined today but stopped somewhat short of total free fall after global markets plunged close to 10%. With perhaps a buffer from news of a bump in existing US home sales, the Dow fell 312.30 to close at 8,378.95, MarketWatch reports. The Nasdaq dropped 51.88 to 1,552.03, while the S&P 500 fell 31.34 to settle at 876.77.
Third-quarter reports pointed to weakness in the British, Danish, South Korean, and Icelandic economies, causing chaos in global markets. Oil futures fell $3.69 a barrel to $64.80; this week alone has seen an 11% drop. Futures traders increased their bets that the Fed will cut interest rates during a policy meeting next week.
- For the week, the Dow lost 5.4%, the Nasdaq lost 9.3%, and the S&P 500 fell 6.8%.