Wall Street hit levels not seen since 2003, with the Dow Jones industrial average falling below the 8,000 mark, as the fate of Detroit’s Big Three automakers and the economy disheartened investors.
Stocks finished at their lows of the session after the automakers pleaded for relief during a second day of hearings in Washington. The heads of General Motors Ford and Chrysler are asking for a massive infusion of cash to prevent millions of layoffs and stave off bankruptcy.
Investors were discouraged by the Fed’s sharply lowered projection for economic activity this year and next. Economic worries caused across-the-board selling, with financial stocks particularly hard hit.
The Dow finished down nearly 430 points at the 7,990 level.
(Source: WCBSTV)
Join the official YWN WhatsApp status
11 Responses
I followed the advice of another poster who sent me to muathe.com and have been making good returns. I don’t offer financial advice (my official disclaimer). I am not a financial adviser but lemaaseh stocks are on sale. I mean GE for 15 bucks a share is a steal.
May Hashem help those who are suffering in this economic downturn.
Its time to pray for Moshiach!! That is our only hope now.
I hear the footsteps of Moshiach…
Tjhe times we are living in are REALLY UNBELIEVABLE!!!
Something BIG is about to happen!
Don’t tell me I didn’t tell you so!
give me a break give me a break – everyone knows the market is crashing because people are afraid of a filibuster-proof democratic majority in the senate along with a president-elect whose rhetoric is as socialist as we’ve ever seen. if we had a free market conservative as president-elect who would keep taxes low, cut spending, etc., the dow would be closing in on 11k. let the auto industry die and restructure itself so it can compete with honda, toyota, etc.
obama should come out today and vow not to raise capital gains tax for his whole term. that would be a good start and a glimmer of hope,
Dow Drops Below 8,000 in Another Stock Sell-off
By JACK HEALY 4:17 PM ET
Shares on Wall Street closed at their lowest levels in five years as hope dimmed in Washington for an emergency bailout of the auto industry.
Consumer Price Decline Prompts Fear of Deflation
By JACK HEALY 4:52 PM ET
Consumer prices fell in October by 1 percent, the largest drop in the history of the survey, raising the specter of deflation.
Chip Somodevilla/Getty Images
Hopes Dim for Quick Bailout for Automakers
By BILL VLASIC and DAVID M. HERSZENHORN 3:54 PM ET
The chief executives of G.M., Ford and Chrysler were unable to convince lawmakers to aid their industry by tapping the $700 billion financial rescue program.
* Economy Faces ‘Significant Weakness,’ Fed Says 3:11 PM ET
this is what happens when u put $ into the auto buisness bec the auto buisness has a hole in the bottom of it bec if ppl still arent getting loans then they wont buy cars so the $ put in falls out right after what they gotta do is fix the banks some more and stop all phsycological beliefs and start talking optimisticly then the merket will pick up and then the banks will hold and gain the $ they got and so theyll give more loans then all the industries will go up again including auto!!!
we need somone with “experience” to change around the economy
thanx roth
jdsayslol: with obama nothing is going to change
anonymous: Youre 100% right