Bottom Drops Out; Dow Plummets 5.6%
November 21st, 2008Via: The Street:
Stocks on Wall Street had a volatile morning Thursday before selling off sharply late in the session as traders continued to grapple with signs of economic malaise and fret about the fate of the auto industry.
The Dow Jones Industrial Average, which had traded in a range of more than 350 points, ended down 444.99 points, or 5.56%, at 7552.29. The S&P 500 plummeted 54.14 points, or 6.7%, to 752.44, and the Nasdaq dropped 70.30 points, or 5.1%, to 1316.12. The S&P 500 last closed lower on April 14, 1997. The Dow had its lowest close since March 12, 2003.
On Wednesday, the market fell hard, and when the new session arrived, another set of grim economic data kept the sellers in control.
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and fret about the fate of the auto industry.
That part is odd. It’s pretty obvious that the domestic automobile industry will eventually be allowed to back their trucks up at the Treasury’s loading dock, right?