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Dow Drops 240 Points As Financials Pull Back Again

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Jul 28, 2008 4:10 pm US/Eastern

Dow Drops 240 Points As Financials Pull Back Again

 CBS News Interactive: Eye On The Economy

 More Stock Info
NEW YORK (AP) ― Wall Street has again surrendered to investors' anxiety about the financial sector. The Dow Jones industrials skidded about 240 points on concerns that banks and brokerages still face massive write-downs from soured mortgages.

The drop put the Dow at about 11,130, and back into bear market territory. Wall Street has now given up its gains from a recent rally as investors turned pessimistic again about financials and the overall economy.

A rise in oil prices added to the stock selling. And the flight from equities sent investors into safe-haven bets like Treasury bonds.


(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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