Stock fall on worries about financial sector

Associated Press
Published: Thursday, Aug. 7, 2008 2:27 p.m. MDT
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NEW YORK — Wall Street has closed sharply lower as worries about losses in the financial sector, higher unemployment and lackluster sales at retailers touched off fresh concerns about the economy.

The market's pullback erased most of the 370-point gain the Dow Jones industrial average logged the two prior sessions and shows the lack of conviction behind many of the investors' recent bets.

Heading investors' list of worries, insurer American International Group Inc. reported a loss of more than $5 billion for the second quarter and the Labor Department says the number of newly laid off people seeking jobless benefits jumped to its highest level in more than six years. Weak sales reports from retailers added to investors' unease.

The Dow is down 224 points at the 11,431 level.

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When the systemic collapse arrives, very few will be unscathed. It...

2 Zwisedude | Aug. 7, 2008 at 10:33 p.m.

I guess what bothers me most about this, that the wealthy will slide...

Zwisedude | Aug. 7, 2008 at 6:32 p.m.