Dow Sheds 223, Flirts With 13K

Retail hit hard as well

By Jonas Oransky, Newser Staff

Posted Nov 9, 2007 3:44 PM CST

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Dow Sheds 223, Flirts With 13K — A specialist looks at a monitor as he works on the trading floor of the New York Stock Exchange, Friday, Nov. 9, 2007. Wall Street extended its slide Friday after Wachovia Corp. warned it will take quarterly loan losses due to its debt portfolio, raising investor concerns that the credit slump shows... (Associated Press)

The Dow dove 223.55 today to 13,042.74, its lowest close in 2 months, as investors reacted to rough news about tech and retail stocks. The S&P 500 wrapped up its its worst 3-day fall since January 2003, losing 21.07 to close at 1,453.70, and the Nasdaq dropped 68.06, finishing at 2,627.94.

Retailers saw their eighth decline in nine days after earnings estimates dropped for Target and Macy’s, Bloomberg reports. Qualcomm lowered its profit forecast, spurring concerns of overestimated tech earnings; Apple and Google also dipped. "In order for market to move higher, tech has to move back into the leadership position, which I think it will," one analyst told MarketWatch. (More tech sector stories.)

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