Stocks Tumble Amid Stimulus Concerns
Published: February 17, 2009
NEW YORK (AP) - Stocks are tumbling as investors grow more doubtful that the government can quickly turn around the still-weakening economy.
A big worry on Wall Street is that General Motors Corp. and Chrysler LLC might not be able to prove by Tuesday’s deadline that they can repay billions of dollars in loans and return to profitability.
The market also got some grim economic news. The New York Federal Reserve’s regional manufacturing index showed a much deeper contraction in activity than expected.
All the major indexes are down more than 3 percent as the market nears its lows of mid-November. The Dow Jones industrials are down
259 at 7,591, while the Standard & Poor’s 500 is down 32 at 794 and the Nasdaq composite index is off 56 at 1,477.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Advertisement
Reader Reactions
If the Democrats are serious about the economy they will cut the pork from the stimulus package and try to find a way to actually put people back to work. The trillion dollar package will have to be paid back with interest by our children. If you spent a million dollars a day since the birth of Christ, it still would not be a trillion dollars. How are we going to pay this back?
Advertisement