Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

The Seattle Times

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published May 9, 2008 at 12:00 AM | Page modified May 9, 2008 at 5:46 PM

E-mail article     Print view

Stocks end week on low note

Stocks have ended the week with a big decline after insurer AIG reported a wider-than-expected loss and oil prices reached another high...

The Associated Press

NEW YORK — Stocks have ended the week with a big decline after insurer AIG reported a wider-than-expected loss and oil prices reached another high.

American International Group's first-quarter loss has rattled investors and is rekindling anxiety about the strained state of the global financial system.

Meanwhile, crude oil prices continued their advance. Oil futures have topped $126 a barrel for the first time.

The Dow Jones industrial average lost 120.90 points to close at 12,745.88.

Microsoft, one of the 30 Dow stocks, gained 12 cents to end at $29.39. Boeing, another Dow stock, slipped 70 cents to end the day at $84.06.

The Nasdaq was down 5.72 points to 2,445.52. The Standard and Poor's 500 index slid 9.40 point to 1,388.28.

Economic figures out today underscored the slowdown in the U.S. economy. The Commerce Department said the U.S. trade deficit narrowed in March as demand for imports registered the biggest decline since the last recession was ending.

The deficit stood at $58.2 billion, a decrease of 5.6 percent from February. The 2.9 percent drop in demand for imports was the steepest monthly decline since December 2001 — a month after the last recession ended.

In corporate news, AIG fell $3.46, or 7.8 percent, to $40.69 after reporting its loss. The stock was by far the steepest decliner among the 30 that comprise the Dow industrials.

Citigroup said it hopes to shed about $500 billion in assets and increase revenue by 9 percent over the next few years as it tries to recover from big losses tied to deterioration in the mortgage and credit markets.

General Motors, also a Dow component, said in a regulatory filing it would provide financial support to help settle the 10-week strike at auto parts supplier American Axle and Manufacturing Holdings. GM fell 59 cents, or 2.8 percent, to $20.56.

Copyright © 2008 The Seattle Times Company

More Business & Technology headlines...

E-mail article Print view      Share:    Digg     Newsvine

advertising

Nintendo re-enlists Mario, savior of video-game industry

Verizon-Frontier deal stirs concern among consumers

Brier Dudley: 'Guitar Hero' founder excited about future

Gaps for consumers in Democrat health care bills

Hutch gets $10M from Bezos family for immunotherapy research

Advertising

Video

PNW Magazine | Easy As Pie
A little friendly competition between professional pie-baker Kate McDermott and The Seatttle Times' Kathleen Triesch Saul is handled with great taste.

Real Salt Lake wins MLS Cup
Raw Video | Real Salt Lake fans celebrate
Raw Video | Real Salt Lake receives the MLS Cup trophy
Real Salt Lake fans enter Qwest Field
Raw Video | MLS Cup Opening Ceremony
LA Galaxy's David Beckham
Real Salt Lake's Kyle Beckerman
MLS trophy arrives in Seattle
Chittenden Locks Inspection

Marketplace

 
Most read
Most commented
Most e-mailed
 
 
Advertising