 Listen Now!
(8:02 Minutes)
Additional Features | |
Published on Thursday, October 09, 2008
By LA Daily News Staff Writer
NEW YORK - Stocks plunged in the final hour of trading Thursday, sending the Dow Jones industrial average down more than 675 points, or more than 7 percent, to its lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp. NYSE, NASDAQ
The Standard and Poor's 500 index also fell more than 7 percent.
The declines came on the anniversary of the closing highs of the Dow and the SandP. The Dow has lost 5,585 points, or 39 percent, since closing at 14,198 a year ago. The SandP 500, meanwhile, is off 655 points, or 42 percent, since recording its high of 1,565.15.
Thursday's sell-off came as Standard and Poor's Ratings Services put GM and its finance affiliate GMAC LLC under review to see if its rating should be cut. GM has been struggling with weak car sales in North America.
The action means there is a 50 percent chance that SandP will lower GM's and GMAC's ratings in the next three months
Read Full Article...
|
RSS
