Stocks Plunge on Wall Street
Stocks plunged on Wednesday, with financial stocks leading the decline, as the credit crisis continued to worry investors. Today’s sell-off was broad-based, with only two industry groups managing the close higher.
Earlier in the day, crude oil prices set a record high, before easing, General Motors announced a record loss. On top of all that gloom, the U.S. dollar sunk to a record low (read more).
General Motors
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PowerRating) reported a record $39 billion loss for the third quarter (read more).
Meanwhile, Toyota Motor Corp.
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PowerRating) reported a record profit (read more).
Time Warner
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PowerRating) profit fell by 53% in Q3 (read more).
MGM MIRAGE
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PowerRating) announced plans to develop a multi-billion dollar MGM Grand Abu Dhabi, in partnership with Mubadala Development Company (full story).
Crude oil hit another record high, rising above $98 per barrel before closing at $96.25. Gold approached its record high, set in 1980, helped by dollar weakness, and silver rose.
2-year Treasury yields fell to the lowest level in two years and the spread between 2- and 10-years widened to the most since 2005.
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