Dow Tumbles Over 300 Points

Stocks slide on subprime worries, Nasdaq and S&P see huge losses
By Greg Atwan,  Newser User
Posted Jul 26, 2007 3:27 PM CDT
Traders Richard Tandy, foreground, and Damian Bagarozza rub their heads as they work or the floor of New York Stock Exchange Thursday July 26, 2007. Wall Street suffered its second-biggest plunge of the...   (Associated Press)
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(Newser) – The Dow Jones lost 2.25% of its value today, after continuing subprime concerns, poorer-than-expected housing numbers, and a dearth of positive earnings reports scared traders off from recent rallies. The index was down 311.50 to 13473.57, though at one point its losses surpassed its worst close this year, at over 415 points.

The Nasdaq was off 48.83 to 2599.34 and the S&P lost 35.43 to close at 1482.66. Losers outnumbered winners more than thirteen to one, although a few securities jumped: Apple gained nearly 6% on an earnings report that showed a 77% leap in profits. But traders say that as the LBO floor continues to fall out over foundering subprime-backed loans more volatile days are likely.