NewsMine — economy — united-states — 2007-aug-dec — Viewing Item

Stocks fall over 360 on credit concerns { September 2007 } Original Source Link: (May no longer be active)    http://biz.yahoo.com/ap/071019/wall_street.html http://biz.yahoo.com/ap/071019/wall_street.html AP Stocks Slump; Dow Falls Over 360 Points Friday October 19, 4:16 pm ET By Tim Paradis, AP Business Writer Stocks Fall Sharply Amid Lackluster Profit Reports, Credit Concerns NEW YORK (AP) -- The Dow Jones industrial average dropped more than 360 points Friday -- the anniversary of the Black Monday crash 20 year ago -- as renewed credit concerns, lackluster corporate earnings, and rising oil prices spooked investors. The market turned sharply lower in late afternoon when 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 Caterpillar Inc., Honeywell Inc., and 3M Co. gave investors little incentive to take chances on the market. And oil prices added to investors' list of concerns after briefly moving above the psychological barrier of $90 per barrel for the first time. In one bright spot, Google Inc. reported stronger-than-expected profits, drawing a number of analyst upgrades. "I was not surprised there was some correction, given our expectation that earnings growth was going to fall short of expectations," said Alan Gayle, senior investment strategist, director of asset allocation for Trusco Capital Management. "I think stock analysts were slow to incorporate the impact of the subprime crisis on third-quarter earnings," he added. According to preliminary calculations, the Dow fell 366.94, or 2.64 percent, to 13,522.02. The Dow was down for the fifth straight session. Broader stock indicators also fell. The Standard & Poor's 500 index fell 39.45, or 2.56 percent, to 1,500.63, and the Nasdaq composite index dropped 74.15, or 2.65 percent, to 2,725.16. The Nasdaq fell below the noteworthy technical level of 2,750, adding to selling pressure. Friday's pullback pales in comparison to what traders on the floor of the New York Stock Exchange had to contend with 20 years ago. On Oct. 19, 1987 -- Black Monday -- the Dow plunged 23 percent amid concerns about interest rates and slowing economic growth. A decline of similar proportion given the market's current levels would mean a drop of some 3,000 points. New York Stock Exchange: http://www.nyse.com Nasdaq Stock Market: http://www.nasdaq.com

Americans struggle more living by paycheck { September 2007 } Bernanke says housing slowing economy { October 2007 } Bet on fed cut as dollar falls to record low { September 2007 } Dollar sinks as feds surprise cut rates { July 2007 } Dow drops over 360 on dollar credit worries { October 2007 } Dow plunges 387 on subprime concerns Fed chair says inflation will cause big problems { October 2007 } Fed pumps 20b to stop stock slip { July 2007 } Federal reserve injects 17b into market { July 2007 } Inflation evidence curbs inflation fears { November 2007 } Inflation jumps { November 2007 } Investors selling gold as market crashes { July 2007 } Markets fall because rate cut too small { November 2007 } Oil and toys increase trade deficit { December 12 2007 } Stocks fall on france worries over US credit { July 2007 } Stocks fall over 360 on credit concerns { September 2007 } Stocks plunge on oil credit worries { October 2007 } Stocks soar with rate cut hope { October 2007 } Stocks threaten to drop if fed doesnt cut big { November 2007 } US economy problems either way { December 24 2007 } Wallstreet loses and bonds record rally { August 2007 } World stocks continue to tumble { July 2007 } World stocks meltdown over US economy fears { July 2007 } Files Listed: 23

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.