Bad News Pummels Stocks

AIG, Citi, oil spook investors; even commodities look less safe in downturn
By Nick McMaster,  Newser Staff
Posted May 9, 2008 3:28 PM CDT
Bad News Pummels Stocks
Martin Sullivan, president & CEO of AIG, at the New York Stock Exchange, in this June 23, 2005 file photo.   (AP Photo/Richard Drew, file)

Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the Nasdaq dropped 5.72 to settle at 2,445.52.

Even with record crude prices, shares of Exxon Mobil led a fall in energy shares. "Oil and commodities have been a safe place to hide while the market was melting down,'' one analyst said. "In the face of a global slowdown, is the demand going to be there two months or six months from now?" (More oil prices stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.