Stocks tumble as more bad economic news piles up

Wall Street has suffered a huge loss, with the Dow Jones industrials plunging more than 350 points a
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Wall Street has suffered a huge loss, with the Dow Jones industrials plunging more than 350 points as investors contended with a barrage of bad news.

A surge in oil prices past $140 a barrel and warnings of trouble in the key financial, automotive and high-tech industries created a gloomy mood across the market.

The day’s news included analysts’ negative comments about brokerages and General Motors Corp. It made clear to investors how much U.S. companies stand to be hurt from the fallout of the prolonged housing slump, the nearly year-old credit crisis and the soaring price of oil.

All the major indexes dropped around 3 percent. The Dow is at its lowest point in nearly two years.

Categories: Business

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