Stocks tumbled Monday, with the Dow and S&P 500 falling to 12-year lows after insurance company American International Group's huge quarterly loss added to worries about the financial sector and the economy.
Stocks are at their lowest levels in about 12 years. The economy shrunk by more than 6% in the fourth quarter. Companies are laying off people left and right.
Stocks opened lower Monday morning, with the Dow falling below 7,000 for the first time since October 1997, after American International Group reported a massive quarterly loss and a restructuring of its bailout by the government.
Bond prices rose early Monday after American International Group announced a staggering quarterly loss and the U.S. government unveiled additional bailout provisions for the ailing insurer.
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Stocks tumbled Monday, with the Dow and S&P 500 falling to 12-year lows after insurance company American International Group's huge quarterly loss added to worries about the financial sector and the economy.
The dollar rallied against the euro and the pound Monday, as the Dow Jones Industrial Average fell below 6,800 for the first time in almost 12 years.
Oil prices dropped 10% Monday as concerns over a weakening economy overshadowed signs of supply reductions from OPEC.
Stocks opened lower Monday morning, with the Dow falling below 7,000 for the first time since October 1997, after American International Group reported a massive quarterly loss and a restructuring of its bailout by the government.
Bond prices rose early Monday after American International Group announced a staggering quarterly loss and the U.S. government unveiled additional bailout provisions for the ailing insurer.
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