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U.S. Stocks Tumble, Sending Dow to Worst June Since Depression »

Posted by: engineer 2 months ago

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U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.

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engineer2 months ago

General Motors Corp., the largest U.S. automaker, plunged the most in three years as Goldman Sachs Group Inc. advised selling the stock and crude rose by $5 a barrel. Citigroup Inc. led the KBW Bank Index to an almost 10-year low as Goldman said the lender may report an $8.9 billion second-quarter charge and cut its dividend. Research In Motion Ltd., maker of the BlackBerry, posted its biggest drop since 2001 on concern competition with Apple Inc.'s iPhone is reducing earnings.
The Standard & Poor's 500 Index plunged 38.82, or 2.9 percent, to 1,283.15, its biggest drop in three weeks. The Dow decreased 358.41, or 3 percent, to 11,453.42, its lowest since September 2006. The Nasdaq Composite Index sank 79.89, or 3.3 percent, to 2,321.37, its worst loss since January. Almost nine stocks fell for each that rose on the New York Stock Exchange.
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texangelwings2 months ago

I believe that the 'House of cards' is just about to collapse! I wish that I could say that I am surprised, I am not! The reality that there are fewer people with cash to buy products, beyond basics is impacting the auto industry, housing, etc.!
Thanks engineer!
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elizabeth842 months ago

good information
thanks.....loved reading it
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Harbeas2 months ago

Just a question.....do we really need wall street?
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jmarks2 months ago

conflicting massages, the government says the economy is on its way to recovery!
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