Dow Takes A Big Tumble

NEW YORK (AP) - 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.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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  • by Bitter Location: R'town on Nov 20, 2008 at 05:29 AM
    Change we can believe in! Right, Obama supporters? Enjoy your 3rd Clinton term!
  • by Obama Clinton on Nov 19, 2008 at 03:49 PM
    Thank you democrats you sure can tell your back in power and it will stay this way for 4 more years you Obama Clinton voters got hoodwinked same ole same ole no change Bush had a good economy until the liberals messed it up on purpose i am going to laugh every day.


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