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Stocks end mixed; Oil slide hits energy shares
5 die in July Fourth weekend crashes in Ohio
Police: Accused cat killer could be a sociopath
Taliban confirm capture of U.S. soldier
Two men hurt in assaults in Kenmore
Summit County gets foreign investment designation that could help Goodyear project
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By Tim Paradis
Associated Press
POSTED: 10:52 a.m. EDT, Oct 02, 2008
NEW YORK: Stocks tumbled and credit markets remained tight today after an unexpected rise in unemployment claims and a drop in factory orders underscored the troubles facing the economy even if lawmakers are able to sew together a financial rescue aimed at resuscitating the ailing credit markets.
The Dow Jones industrials fell by more than 200 points, their fourth straight triple-digit move, after the government reported that the number of people seeking unemployment benefits rose last week to a seven-year high and that demand at the nation's factories has fallen by the largest amount in nearly two years.
The market is interpreting the Commerce Department report on orders at factories as a sign that tight credit conditions are hitting manufacturers.
The readings came as Wall Street tried to determine what might come of the government's rescue package, which is supported by President Bush and leaders of both parties. A House vote could come as soon as Friday. A version of the bill that the Senate passed in a 74-25 vote late Wednesday added $100 billion in tax breaks for businesses and the middle class. It also raised the limit on federal deposit insurance to $250,000 from $100,000.
Supporters are hoping that the sweetened bill will be more palatable to some of the 133 House Republicans who rejected the measure in a vote Monday that took Wall Street, and many on Capitol Hill, by surprise.
Those in favor of the plan to let the government buy billions of dollars in bad mortgage debt and other now-toxic assets say it will help unclog the world's ailing credit markets. Banks are fearful of making loans, even to each other, because of worries they won't recoup their money. That, in turn, is weighing on the economy, making borrowing more difficult and expensive for businesses and consumers alike.
Following the economic reports, the credit markets showed some increased strain and stocks declined. The yield on the 3-month T-bill, the safest type of investment, fell to 0.78 percent from 0.79 percent late Wednesday. The historically low yields indicate investors are willing to accept the smallest of returns to safeguard their money.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.68 percent from 3.74 percent late Wednesday.
The Dow fell 208.36, or 1.92 percent, to 10,622.71.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 25.01, or 2.15 percent, to 1,136.05, and the Nasdaq composite index fell 47.57, or 2.30 percent, to 2,021.83.
NEW YORK: Stocks tumbled and credit markets remained tight today after an unexpected rise in unemployment claims and a drop in factory orders underscored the troubles facing the economy even if lawmakers are able to sew together a financial rescue aimed at resuscitating the ailing credit markets.
The Dow Jones industrials fell by more than 200 points, their fourth straight triple-digit move, after the government reported that the number of people seeking unemployment benefits rose last week to a seven-year high and that demand at the nation's factories has fallen by the largest amount in nearly two years.
The market is interpreting the Commerce Department report on orders at factories as a sign that tight credit conditions are hitting manufacturers.
The readings came as Wall Street tried to determine what might come of the government's rescue package, which is supported by President Bush and leaders of both parties. A House vote could come as soon as Friday. A version of the bill that the Senate passed in a 74-25 vote late Wednesday added $100 billion in tax breaks for businesses and the middle class. It also raised the limit on federal deposit insurance to $250,000 from $100,000.
Supporters are hoping that the sweetened bill will be more palatable to some of the 133 House Republicans who rejected the measure in a vote Monday that took Wall Street, and many on Capitol Hill, by surprise.
Those in favor of the plan to let the government buy billions of dollars in bad mortgage debt and other now-toxic assets say it will help unclog the world's ailing credit markets. Banks are fearful of making loans, even to each other, because of worries they won't recoup their money. That, in turn, is weighing on the economy, making borrowing more difficult and expensive for businesses and consumers alike.
Following the economic reports, the credit markets showed some increased strain and stocks declined. The yield on the 3-month T-bill, the safest type of investment, fell to 0.78 percent from 0.79 percent late Wednesday. The historically low yields indicate investors are willing to accept the smallest of returns to safeguard their money.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.68 percent from 3.74 percent late Wednesday.
The Dow fell 208.36, or 1.92 percent, to 10,622.71.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 25.01, or 2.15 percent, to 1,136.05, and the Nasdaq composite index fell 47.57, or 2.30 percent, to 2,021.83.
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