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Nasdaq Down 2%; Plunges 24% in Six Months |
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Author: 123jump.com Staff
123jump.com
Last Update: 12:35 AM EDT March 10 2008
Financial and insurance companies fell sharply as investors worried that the current quarter earnings may be lower than estimated. Bear Stearns led the decline after several of its uderwritten bonds were downgraded by a rating agency. Fannie Mae and Freddie Mac fell on the worries that they may need to raise capital in the face of rising losses. Merrill, Morgan Stanley, Bear Stearns, and Wachovia traded at several-year lows. Oil closed at a record high near $108 a barrel. |
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