Another Brutal Day on Wall Street
January 18, 2008 | 11:10 am | by t-blender |Rate It:
NEW YORK (CNNMoney.com) — Stocks tumbled Thursday, extending the 2008 selloff on recession worries following comments from Federal Reserve Chairman Ben Bernanke, a big quarterly loss by Merrill Lynch and weak readings on the housing and manufacturing sectors.
Bernanke told Congress that the economic outlook has worsened and that lawmakers should enact a fiscal stimulus plan soon. Also hurting markets: morning reports showing slumping new home construction and a big drop in the Philly Fed - a key regional manufacturing reading.
The Dow Jones industrial average (INDU) lost 307 points, seeing its worst one-day point loss since Nov. 7, and leaving the blue-chip barometer at a 10-month low. The broader S&P 500 (INX) index lost 2.9 percent, and fell to its lowest point in 14 months. The Nasdaq composite fell 2 percent and hit a 10-month low.
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