Dow Loses 500 Points in Two Days
The global selloff continued on Wall Street today, after heavy
overnight selling in Asia and Europe. The selling engulfed all the
major indices, as investors shunned risk in the wake of the credit
market turmoil and housing slump.
Click here for TradingMarkets 7 Stocks You Need to Know for Monday.
The Commerce Department reported second quarter GDP grew at an
annualized rate of 3.4% (full
story). However, even positive economic news failed to offset
the widespread investor pessimism.
Former Qwest Communications
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PowerRating) CEO Joseph Nacchio was
sentenced to six years in federal prison for insider trading. The
Wall Street Journal reported he was ordered to "pay a $19 million
fine and forfeit $52 million he gained in illegal stock sales."
Treasuries saw the largest weekly advance in four months, the
dollar rose to a 2-week high against the Euro, and crude oil
futures rose 2.7%.
Click here to read the Futures Market Recap.
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