The stock market plunged this morning after absorbing the news that the federal government will provide an $85 billion loan to bail out American International Group Inc. (AIG).
The Dow Jones Industrials Average fell by nearly 400 points this morning after it had regained some ground Tuesday afternoon in the aftermath of Monday's 504-point collapse.
The Dow has fallen more than 23 percent since reaching a record close of 14,164.53 on Oct. 9 last year.
Meanwhile, the U.S. Commerce Department reported today that home building tumbled again in August, with the national number of new building permits for single-family homes dropping to a 26-year low.
Locally, stocks in the BizTimes Stock Index dropped with the broader market this morning, with decliners far outnumbering advancers. The largest local decliners this morning were Bucyrus International Inc. (down $2.81 to $43.25), Brady Corp. (down $2.49 to $33.16), Badger Meter Inc. (down $2.30 to $45.00) and Joy Global Inc. (down $2.21 to $49.40). Only a handful of local stocks escaped the carnage, led by Koss Corp. (up 63 cents to $15.52) and Briggs & Stratton Corp. (up 45 cents to $17.71).
Stock market plummets again
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