Stocks Plunge after AIG’s Huge Loss
Stocks tumbled on Friday after American International Group reported its biggest loss ever, sending shock waves through the market and causing widespread selling of financial stocks.
The Dow lost -315.79, the Nasdaq Composite -60.09 and the S&P 500 lost -37.05.
American International Group
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PowerRating) reported a loss of $5.29 billion, as the company was devastated by the credit crunch.
The news led to heavy selling of financial stocks, including Dow components American Express, Bank of America, Citigroup and JP Morgan Chase.
Meanwhile, a 6% decline in quarterly profit at Dell
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PowerRating) weighed on the technology sector.
Novell
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PowerRating) was one bright spot in an otherwise gloomy day after the company beat earnings estimates. NOVL was the biggest gainer in the S&P 500.
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