Stocks plunge on dismal corporate reports, government news
Wednesday, November 12, 2008 | 5:02 p.m. CST
BY
SARA LEPRO/The Associated Press
NEW YORK — A disheartened Wall Street has suffered its third straight loss, as investors absorbed more dismal corporate reports and news that the government won't buy banks' soured mortgage assets after all.
The Dow Jones industrial fell about 410 points to the 8,283 level, and all the major indexes fell more than 4 percent.
MoreStory
Related Articles
Macy's Inc. reported a sharp drop in sales, Best Buy Co. slashed its 2009 outlook on fears that consumer spending will keep eroding, and Morgan Stanley outlined plans to cut 10 percent of staff in its institutional securities group.
Meanwhile, Treasury Secretary Henry Paulson said the government's $700 billion financial rescue package won't be purchasing banks' troubled assets, and will instead buy stakes in the banks.
Report corrections or additions here. Leave comments below here.
Leave a comment
Speak up and join the conversation! Make sure to follow the guidelines
outlined below and register with our site.
You must be logged in to comment. (Our
full comment policy is here.)
- Don't use obscene, profane or vulgar language.
- Don't use language that makes personal attacks on fellow commenters or
discriminates based on race, religion, gender or ethnicity.
- Use your real first and last name when registering on the website. It will
be published with every comment.
(Read why we ask for that here.)
- Don’t solicit or promote businesses.
We are not able to monitor every comment that comes through. If you see
something objectionable, please click the "Report comment" link.
You must be logged in to comment.
E-mail
Print
Show Me the Errors 
Comments