2008-10-7
Another freaking day
The Dow Jones Industrial Average rose nearly 170 points at its morning high but slumped to trade 318 points lower in recent action, off 3.2%, at 9637.47. It was hurt by a 22% plunge in shares of component Bank of America, which is cutting its dividend and seeking $10 billion in capital. J.P. Morgan Chase and Citigroup also saw declines of more than 6% each. The Dow is poised to suffer a fifth straight day of losses.
Other stock measures also tumbled. The S&P 500 was off 3.5%, at 1019.52. All its sectors declineed, led by a 6.5% drop in financials. The technology-focused Nasdaq Composite Index was off by 3.9% at 1791.25. The small-stock Russell 2000 tumbled 4.1% to 571.60.
Crude oil rebounded after hitting an eight-month low on Monday. Futures were recently up $3.39 to $91.20 a barrel on the New York Mercantile Exchange. The euro also moved off Monday’s lows, while gold futures rose $17.10 to $883.30.
Another news to the poor east coast people, your coming winter heating bill will be increased at least 15%.
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