Portfolio > "2007-08-28 14:26:05"

“2007-08-28 14:26:05”

As Wall Street tried to sort through some problematic readings on the economy and new concerns surfaced about the safety of owning financial stocks, investors pushed the market down sharply today.

Stocks had been in triple-digit loss territory for most of the day, but the losses deepened after the Federal Reserve released the minutes of its Aug. 7 meeting. The Dow Jones industrial average closed down 280.28, or 2.1 percent, at 13,041.85. It was the steepest one-day decline in the Dow since Aug. 9, when it shed 387.18 points.

The Standard & Poor’s 500-stock index and the Nasdaq composite were each down 2.4 percent.

Source: The New York Times