Wall Street retreats as investors bail out of bank and energy shares following previous session’s big run
Friday, October 30, 2009
NEW YORK (CNNMoney.com) — Stocks tumbled Friday afternoon, erasing most of the previous session’s big gains. Financials and energy shares were among the hardest hit.
The Dow Jones industrial average (INDU) lost 220 points, or 2.2%, with about three hours left in the session. The Dow had lost as much as 225 points earlier.
The S&P 500 (SPX) index fell 25 points, or 2.4%, and the Nasdaq composite (COMP) shed 44 points, or 2.1%.
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The selloff was broad based, with all 30 Dow components declining and most stock sectors sliding. Energy prices and stocks were hit hard as the dollar turned mixed; the financial sector erased most of the 4% gain it accrued Thursday.
“I think there was a high level of complacency and confidence about the rally ahead of this week and that’s reversed some this week,” said Larry Glazer, managing director at Mayflower Advisors.
This article was posted: Friday, October 30, 2009 at 10:33 am