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Wall St extends losses on economic gloom

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Thursday, November 6, 2008

NEW YORK (Reuters) – Stocks extended their sell-off on Thursday as concerns of a worsening economic downturn were fueled by a disappointing revenue outlook from Cisco Systems and bleak sales from some major U.S. retailers.

Energy shares also weighed on markets as the price of oil skidded $5 to $60.30 a barrel.

The Dow Jones industrial average tumbled 260.69 points, or 2.85 percent, to 8,878.58. The Standard & Poor’s 500 Index lost 29.46 points, or 3.09 percent, to 923.31. The Nasdaq Composite Index gave up 43.95 points, or 2.61 percent, at 1,637.69.

This article was posted: Thursday, November 6, 2008 at 11:03 am

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