Stocks Tumble After Small Gains
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Stocks made a stab at it, but ended up losing the ground they gained and more, with Barnes & Noble, Palm, and CIT Group all taking big tumbles.
But International Business Machines, Celanese, and Chicago Mercantile Exchange all mustered an advance.
The Dow Jones Industrial Average dropped 63.69, or 0.53%, to 12,050.41, after being up as much as 74.74 points. The industrial average has now fallen 581.85 points, or 4.6%, since the market’s selloff began last Tuesday. The Nasdaq Composite Index lost 27.32, or 1.15%, to 2,340.68 yesterday.
“There is so much trepidation that another shoe may drop that traders are too nervous to go home long,” the head of trading at Ryan Beck, Jay Suskind, said. “There is so much uncertainty out there — concerns about overseas markets, could credit deterioration go further than the subprime area.”
