Wall Street Drops To Levels Not Seen Since 2003

Wall Street has plummeted to levels not seen since 2003, with the Dow Jones industrial average ending the day below the 8,000 mark, as the fate of Detroit's Big Three automakers and the economy dishearten investors.

Stocks finished at their lows of the session after the automakers pleaded for relief during a second day of hearings in Washington. The heads of General Motors, Ford and Chrysler are asking for a massive infusion of cash to prevent millions of layoffs and stave off bankruptcy.

Investors were discouraged by the Fed's sharply lowered projection for economic activity this year and next. Economic worries caused across-the-board selling, with financial stocks particularly hard hit.

The Dow finished down nearly 430 points at 7,990.

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  • by Devil Dog Location: New Bern on Nov 19, 2008 at 03:48 PM
    By 2011, we will be a SOCIALIST country and in a DEPRESSION. The amount of debt, this country is stacking up for our children and grandchildren, cannot be paid off for many decades. Look at Minnesota, they have a past member of the Communist Party as their Secretary of State. Al FRANKEN, backed by George SOROS money, is stealing the Senatorial election. AMERICANS better wake up real quick.

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