Dow Falls 119 on Citi Fears

By Harry Kimball,  Newser Staff
Posted Feb 27, 2009 3:23 PM CST
Federal Reserve Chairman Ben Bernanke appears on a television screen on the trading floor of the New York Stock Exchange.   (AP Photo)
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(Newser) – The government’s move to downgrade its shares in Citigroup pushed the Dow down today, Bloomberg reports. Not helping was news that GDP contracted 6.2% in the last quarter, and the end to a weeklong rally by other big banks. The Dow fell 119.15, to 7,062.93; the Nasdaq was off 13.63, to 1,377.84; and the S&P 500 lost 17.74, ending at 735.09.

  • For the week, the Dow lost 4.1%; the S&P  was off 4.5%; and the Nasdaq hemorrhaged 4.4%, MarketWatch adds.