“Wall Street’s woeful year continued Monday, with stocks tumbling to their lowest close in 12 years despite a rally in the financial sector,” Jeff Cox reports for CNBC.
“Stocks dropped more than 3 percent across the board, ending at levels not seen since May 1997,” Cox reports. “While investors were cheered early by news that the government was not seeing complete nationalization of the banking industry, economic weakness brought down tech leaders and the rest of the market followed. The market rallied off the open, but then quickly moved lower and closed at its low point for the day.”
Cox reports, “While the Dow has blown through its November lows, the S&P 500–the index most closely watched on the New York Stock Exchange trading floor–just edged past its low of 752.”
Apple [AAPL, $86.95, -$4.25, (-4.66%)] and Intel [INTC, $12.08, -$0.70, (-5.48%)] were among the biggest Nasdaq losers and hit the other indexes as well,” Cox reports. “Microsoft [MSFT, $17.21, -$0.79, (-4.39%)] posed a significant drag on all three indexes, while Alcoa [AA, $5.81, -$0.48, (-7.63%)] was the biggest weight on the Dow.”
Cox reports, “Market breadth was sharply negative, with losers beating gainers 6 to 1 but on modest volume, with 1.5 billion shares trading hands. The New York Stock Exchange recorded 391 new lows against just two new highs.”
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