Dow Closes Down 500 Points
On the same day John McCain reiterated his claim that "the fundamentals of our economy are strong" and one of his economic advisers chastised Americans' pessimism on the economy in the pages of the Washington Post, the Dow Jones tumbled 504 points today.
The Dow Jones industrial average closed down 504.48, or 4.4 percent, pushing past a 300-point decline during the final hour of trading. The technology-heavy Nasdaq was down more than 3.5 percent, and the Standard & Poor's 500-stock index was down 4.6 percent.
The financial sector was among the hardest hit. Bank of America closed down 20 percent, while Wachovia fell 26 percent. Goldman Sachs and Morgan Stanley, which report quarterly earnings this week, closed down 21 percent and 11 percent respectively. [...] AIG closed down 54 percent today.
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