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Stock Market Sags after GM, GE Are Downgraded.
Byline: Patrice Hill
Oct. 10--A dimming outlook for American icons GE and GM drove stocks down to new five-year lows yesterday, with the Dow Jones Industrial Average tumbling 215 points to 7,286.
All the major indexes fell to levels not seen since the Asian financial crisis hit the markets in October 1997, or even earlier. The Standard & Poor's 500 index fell 2.7 percent to 777, while the Nasdaq Composite Index sank 15 points to 1,114.
The broad sell-off, with more than six stocks declining for every one that rose on the New York Stock Exchange, began when top brokerage houses lowered their forecasts for growth at General Electric and General ...
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Source: HighBeam Research, Stock Market Sags after GM, GE Are Downgraded.