Tanking Dow Drops 315 Points

Huge AIG, Dell losses spark sell-off
By Jonas Oransky,  Newser Staff
Posted Feb 29, 2008 3:15 PM CST
Tanking Dow Drops 315 Points
Stephen McSherry, center, of JSF Securities talks to colleagues on the floor of the New York Stock Exchange, Friday, Feb. 29, 2008. Stocks fell sharply after a series of economic and earnings reports and a further rise in oil prices stoked concerns about the health of economy. (AP Photo/Henny Ray Abrams)   (Associated Press)

(Newser) – The Dow lost an incredible 315.79 points today to close at 12,266.39 as AIG reported the biggest losses in its history and bellwether Dell reported a year-over-year fourth-quarter profit decline of 6%. The Nasdaq slipped 60.09 to 2,271.48, and the S&P 500 lost 37.04 to close at 1,330.64.

Financials and techs nosedived while retail stocks tumbled on poor consumer spending news, MarketWatch reports. The Gap bucked the trend, climbing on news of a 21% jump in fourth-quarter profits. Ambac reported that a capital infusion plan was held up, sending the insurer's stock downward. Gold futures rose on the day as commodities investment surged and the dollar dipped. (Read more Dow Jones stories.)

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