Fears of deepening recession pushes stocks lower
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New claims for unemployment benefits rose more than expected. Alan Greenspan said bank balance sheets still face a yawning chasm of capital that must be filled. And Standard & Poor's warned it might slash the United Kingdom's "AAA" credit rating, raising concerns that a similar move might someday loom for Treasuries. Combined, those pressures pushed the Dow Jones industrial average down 130 points
, or 1.5 percent, to 8,292.
Perhaps not surprisingly given the concern that the recession still could get worse before it gets better, Caterpillar (CAT
) was the biggest loser among the Dow's 30 component stocks, falling 4.7 percent. Alcoa (AA
) followed, posting a 4.1 percent drop.
For more stocks making moves, be sure to check out BloggingStocks' market wrap-up