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Dow Off 177 on Poor Earnings

Goldman report sends life insurance down

By Nick McMaster, Newser Staff

Posted Nov 11, 2008 3:40 PM CST

(Newser) – Stocks declined today as poor earnings reports made investors bearish, the Wall Street Journal reports. Although news of the Fannie/Freddie plan to speed refinancing efforts for distressed homeowners checked midday losses, the Dow dropped 176.58 to close at 8,693.96. The Nasdaq dropped 35.84, settling at 1,580.90, and the S&P 500 fell 20.26 to close at 898.95.

News of declining earnings from Toll Brothers and Starbucks pointed to slack consumer spending. Several big names in life insurance, including Lincoln National and Prudential Financial, saw declines after a Goldman Sachs report noted that the sale of fixed annuities would sap the insurers’ capital over the next 18 months.

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A pair of specialists work at their post on the floor of the New York Stock Exchange today. (AP Photo)

Traders gather at a post on the floor of the New York Stock Exchange today. (AP Photo)

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People are afraid to spend right now while they don't know what's going to happen to their jobs or the value of their homes. - Debra K. Brede, D.K. Brede Investment Management

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Dow Off 177 on Poor Earnings