Dow Plunges 239 Points

S&P 500 sheds 1.9%; financials lead retreat
By Dustin Lushing,  Newser Staff
Posted Jul 28, 2008 3:39 PM CDT

(Newser) – The markets plummeted today as worries over the economy and problems in the financial sector outweighed high spirits over the rescue plan for mortgage giants Fannie Mae and Freddie Mac, MarketWatch reports. The Dow plunged 239.61 to 11,131.08, the Nasdaq nosedived 46.31 to 2,264.22, and the S&P 500 fell 23.39 to 1,234.37.

Financials took the biggest thrashing, with AIG plummeting 10%. Verizon fell sharply after a report that landline use is down more than anticipated, and Tyson dropped on news of higher feed costs. "I would refer to today as a death by a thousand cuts," said an equity strategist. "It's not an event in particular but more of a reflection of concerns everywhere, especially in financials." (Read more Dow Jones stories.)

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