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Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

By Nick McMaster, Newser Staff

Posted Nov 6, 2008 3:30 PM CST

(Newser) – Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,695.79. The Nasdaq lost 72.94 to 1,608.70, and the S&P 500 shed 47.89 to settle at 904.88.

General Motors plummeted 12.6% after its president indicated that the firm’s third-quarter earnings report tomorrow would not meet expectations. The Labor Department, meanwhile, reported the total number of Americans taking unemployment was at a 25-year high. Oil fell $4.53, to $61.05 a barrel, on worries that the slumping global economy will keep demand low.

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The Dow dropped 443 points today, and, after a 486-point loss yesterday, is back below the 9,000 mark. (AP Photo)

A specialist works at his post on the floor of the New York Stock Exchange today (AP Photo)

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The market just can't get a foothold right now, even though the election uncertainty is behind us. Company after company is giving horrible guidance, so the market can't begin to price in a recovery in profits yet. - Peter Cardillo, Avalon Partners

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Dow Off 400+ Again, Below 9K