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
An oil pump works away at sunset in the desert oil fields of Sakhir, Bahrain.   (AP Photo)
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(Newser) – 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.