Well, Bernanke, whatcha gonna do now?
Oy.
Stocks Sink; Dow Falls by More Than 300: Financial News – Yahoo! Finance
The Dow Jones industrial average dropped more than 300 points Friday — the anniversary of the Black Monday crash 20 year ago — as investors were frightened by lackluster corporate earnings, credit concerns and rising oil prices.
The market turned sharply lower Friday after Standard & Poor’s again reduced its ratings on residential mortgage-backed securities. The latest reduction, on more than 1,400 types of securities, added to investors unease about credit quality.
In addition, mixed results from Dow components 3M Co., Honeywell Inc., and Caterpillar Inc. gave investors little incentive to take chances on the market. And oil prices added to investors’ list of concerns when they briefly moved above the psychological barrier of $90 per barrel for the first time.
In the final hour of trading, the Dow Jones industrial average fell 315.24, or 2.27 percent, to 13,573.72. The Dow is down for the fifth straight session.
Broader stock indicators also fell. The Standard & Poor’s 500 index fell 33.16, or 2.15 percent, to 1,506.92, and the Nasdaq composite index dropped 62.42, or 2.23 percent, to 2,736.89. The Nasdaq fell below the noteworthy technical level of 2,750, adding to selling pressure.
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