Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops
By Harry Kimball,  Newser Staff
Posted Dec 11, 2008 3:23 PM CST
Bank Woes Push Dow Down 196
An oil pump works away at sunset in the desert oil fields of Sakhir, Bahrain.   (AP Photo)

The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196.33, to 8,565.09; the Nasdaq was off 57.60, to 1,507.88; and the S&P lost 25.65, to 873.59.

Financials lost big: JP Morgan was off 8%, and Bank of America was down 11%; Citigroup lost 7%. And though the House has approved the auto bailout measure, a likely tough battle with Senate Republicans sent shares of General Motors down 10%; Ford also lost around 10%, Bloomberg adds. Crude oil prices provided one up note, climbing $4.46 to $47.98 a barrel. (More New York Stock Exchange stories.)

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