Tags: dow

Dow Tumbles 279 Points at Open

Monday, 20 Oct 2008 04:16 PM

NEW YORK – Wall Street tumbled again Wednesday as investors again shifted their focus away from improving credit markets and fixated on worrisome corporate earnings that are raising fears of a deep and painful recession. The major indexes fell more than 1 percent, including the Dow Jones industrial average, which fell 280 points.

In the first half-hour of trading, the Dow fell 279.25, or 3.1 percent, to 8,754.41. On Tuesday, the Dow retreated 231 points after forecasts from DuPont Co., Sun Microsystems Inc. and Texas Instruments Inc. raised fears that companies' outlooks for the fourth quarter and beyond could signal a severe economic downturn.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 29.37, or 3.08 percent, to 925.68, and the Nasdaq composite index fell 30.01, or 1.77 percent, to 1,666.67.

While reduced strains in world credit markets have eased some investors' nervousness about the economy, market anxiety remains high as hundreds of companies this week release third-quarter earnings and in some cases fourth-quarter forecasts that offer a glimpse of the rough conditions that may lay ahead.

On Wednesday, commercial and personal property insurer Travelers Cos. said hurricane-related losses pushed third-quarter profit down 82 percent and forced it to lower its full-year forecast.

In other earnings, Wachovia Corp., which is being bought by Wells Fargo & Co., said it swung to a huge loss in the third quarter while the drug maker Merck & Co. said its quarterly profit fell 28 percent and that it would cut more than 10 percent of its work force.

Meanwhile, credit markets showed more signs of improvement after virtually freezing up last week. Bank-to-bank lending rates fell sharply overnight, indicating that credit is becoming easier to obtain. The London Interbank Offered Rate, or Libor, on three-month loans in dollars fell to 3.54 percent from 3.83 percent, dropping for an eighth straight day.

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US Official: Paris Market Terrorist Had Camera to Video Attack

Friday, 30 Jan 2015 23:05 PM

Amedy Coulibaly, the terrorist who killed four people as part of terrorism attacks that rocked Paris earlier this month, . . .

Donald Trump: 'I Will Take Full Credit' for Romney Dropping Out

Friday, 30 Jan 2015 22:11 PM

A week ago, just before and during the Iowa Freedom Summit, real estate mogul Donald Trump was quick to call out two-tim . . .

Report: Hezbollah Tunnels May Make Gaza's Look Like 'Child's Game'

Friday, 30 Jan 2015 21:58 PM

After uncovering a Hamas underground tunnel network in last summer's Gaza war, the Israeli military has turned its atten . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved