Dow plunges on fears about financial sector.
New York stocks plunged Monday with the Dow Jones index down more than 240 points due to growing fears about the shaky state of the financial sector stemming from the subprime loan crisis.
The Dow Jones Industrial Average fell for the first time in four trading days, finishing at 11,386.25, down 241.81 points from Friday's close.
The tech-heavy Nasdaq Composite Index tumbled 49.12 points to 2,365.59.
Financial issues came under pressure, led by those of American International Group Inc. that dropped $1.08, or 5.4 percent, to
$18.79 on the New York Stock Exchange.
The market, which had been on an uptrend for three straight trading days through Friday, was weighed down by traders taking quick gains.
The downward pace accelerated as traders were disheartened by a report released Monday by a trade group for real estate agents that showed the number of unsold properties reached an all-time high in July.
Uncertainty over subprime loan problems has deepened even further, according to a U.S. analyst.
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|Publication:||Japan Weekly Monitor|
|Date:||Sep 1, 2008|
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