US Stocks Fall, Closing Out DJIA's Biggest Quarterly Point Drop Since Late '08 09/30 05:10 PM --US stocks drop in session that closes biggest quarterly drop since late 2008
--European markets broadly decline as euro-zone inflation jumps
--DJIA falls 12% for third quarter
(Updates with additional movers and closing stock prices throughout.)
By Brendan Conway
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--U.S. stocks fell Friday, closing out the market's biggest quarterly drop since the financial crisis with a triple-digit dive in the Dow Jones Industrial Average.
The blue-chip Dow shed 240.60 points, or 2.16%, to 10913.38, after a batch of glum overseas economic data weighed on investor sentiment. Stocks sank into the close, finishing at session lows. The loss capped a 12% third-quarter decline for the Dow, the biggest percentage drop since the first quarter of 2009 and the biggest point swoon since late 2008. The session also capped the measure's fifth straight monthly drop, the longest such streak since the six months ending in February 2009.
The Standard & Poor's 500-stock index shed 28.98 points, or 2.50%, to 1131.42, putting the broad measure's quarterly loss at 14%. The Nasdaq Composite tumbled 65.36 points, or 2.63%, to 2415.40, for a 13% quarterly fall. The two indexes each also posted their worst quarterly drop since late 2008.
The materials sector led all S&P 500 sectors lower as it fell 3.7%. Financial stocks were not far behind. Two of the Dow's three worst-performing stocks in the third quarter led the way lower Friday. Hewlett-Packard ( HPQ:$22.45,00$-1.3300,-5.59%) fell $1.33, or 5.6%, to 22.45, and Alcoa ( AA:$9.5700,$-0.4900,-4.87%) shed 49 cents, or 4.9%, to 9.57.
Utilities and consumer staples, two sectors viewed as defensive, posted the smallest drops. kennytroll mute and deaf ???? no breaking news |
