Stocks Plunge on GDP, Citi

By Kevin Spak,  Newser Staff
Posted Feb 27, 2009 8:44 AM CST
Specialist Gregg Reilly works on the floor of the New York Stock Exchange, Monday, Feb. 23, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks took an early dive today, as investors digested a bleak GDP report and Citigroup’s new rescue package, the Wall Street Journal reports. The Dow tumbled about 125 points, while the S&P lost 2%. The Nasdaq dropped 1.1%. Citigroup shares plummeted 31% after it announced a deal that would leave the government owning more than a third of the company—and wipe out three-quarters of existing shareholders’ stake. That pessimism dragged other banks down, too; Bank of America is down about 16%.