Stocks Plunge As War Effort Bogs Down

Published by: webmaster 2008-11-22

Stocks plunged Monday as the war in Iraq bogged down and the U.S. accused Russia of continued arm sales to Iraq.

An appearance on TV by Iraqi leader Saddam Hussein - which may have been taped - also unnerved traders.

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The Nasdaq plunged 52 to 1369, the S&P 500 fell 31 to 864, and the Dow plummeted 307 to 8214. Volume declined to 1.27 billion shares on the NYSE, and 1.33 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 23-7 on the Nasdaq. Downside volume was 94% on the NYSE, and 91% on the Nasdaq. New highs-new lows were 16-29 on the NYSE, and 37-52 on the Nasdaq.

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After the close, it was announced that Symantec will be added to the S&P 500 on Friday.

During the day, HP fell 5.5% on competition in the printer space from Dell, which lost 3.4%.

Next Level soared 24.5% on a new offer from Motorola.

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EDS gained 1.5% on takeover speculation.

AOL, down 4.4%, is pinning its hopes on broadband.

Juniper fell 6.8% on earnings concerns, and Symantec dropped 8.2% on a downgrade.

J2 Global plunged on a valuation downgrade.

PC Connection plunged 20% on a warning and top-level resignation.

Lucent fell 7.4% despite a DSL deal with Sprint.

Commerce One fell 10% as it embarked on a new strategy.

Intel and National Semi both fell more than 5% after introducing handheld chips.

Lending Tree slipped 0.7% despite a deal with AutoTrader.com.

AskJeeves fell 6% despite a deal with Aventis Pharmaceuticals.

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