Stocks plummeted today as oil hit a new record and signs of trouble from the financial, automotive and high-tech industries soured the mood on Wall Street.
The Dow Jones Industrial Average lost more than 350 points, falling to its lowest level since September 2006. It closed at 11,453.42, a loss of more than 3 percent. The Nasdaq and S&P 500 also had bad days: the Nasdaq closed down 3.3 percent -- nearly 80 points -- at 2,321.37 while the S&P 500 closed down 2.9 percent at 1,283.15 after a loss of nearly 39 points.
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Among the factors driving the drop:
After investment bank Goldman Sachs downgraded General Motors to a "sell" rating, the share price for the struggling automaker — and Dow component — plummeted to its lowest level since 1955. Major GM suppliers also saw their shares plunge.
Goldman Sachs also urged investors to lower their expectations of the financial sector, cutting Citigroup to a "sell" rating. The bank saw its shares drop more than a dollar by the late afternoon.
Blackberry-maker Research In Motion issued first quarter earnings results and a second-quarter outlook that missed analyst's expectations. Meanwhile, Oracle, another major player in the tech sector, posted a strong showing in its fourth-quarter results but released a disappointing first-quarter outlook.
Oil prices surged into record territory today, boosted by a report predicting that gas prices will hit $7 a gallon in the United States within two years. The market didn't like the news.
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