Wall Street Plunges; Dow Drops 358 Points
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Wall Street Plunges; Dow Drops 358 Points
BusinessWall Street Plunges; Dow Drops 358 PointsWall Street Plunges; Dow Drops 358 PointsThe Associated PressWall Street plunged Thursday, hurtling the Dow Jones industrials down to their lowest point in nearly two years as investors contended with a barrage of bad news: a surge in oil prices past $140 a barrel. (June 26)Wall Street plunged Thursday, hurtling the Dow Jones industrials to their lowest point in nearly two years. Investors contended with a barrage of bad news: a surge in oil prices that shot them past $140 a barrel and warnings of trouble in the key financial, automotive and high-tech industries.SOUNDBITE (ENGLISH): Alec Young, Standard&Poors Equity Analyst:"We're seeing some new negatives emerge. We had worse than expected guidance from Nike, Research In Motion and a few other key companies and that's got people feeling that the earnings risks are spreading from the financial area to other areas of the economy, other areas of the market and that's what's really driving the heavy selling today."The Dow closed down 358 points or 3 percent, to 11,453. That's the lowest finish since Sept. 11, 2006. Broader stock indicators also fell sharply. The Standard&Poor's 500 dropped 39 points to 1,283, and the Nasdaq slid 80 to 2,321.37. Negative analyst comments about General Motors sent that stock to its lowest level since 1975. Citigroup meanwhile, fell sharply after an analyst placed a "sell" rating on the stock. Disappointing outlooks from Oracle and Research In Motion soured moods and made the tech sector one of the steepest decliners. ___ ___, The Associated Press.(****END****) ANCHOR VOICE:-------------------------
YouTube | June 26, 2008
