Morning Edition: AIG’s Results and Companies Hit by High Oil Prices Impact Wall Street
The market is experiencing its first weekly drop in a month as it responds to AIG's losses and its plan to raise $12.5 billion to cover losses, renewing concern on Wall Street that the worst of the credit crisis isn't over. AIG tumbled to a two-month low after disclosing more than $15 billion in write-downs.
Also affecting US stocks are companies hurt by higher fuel bills as oil climbed to a record for a fifth day. Leading the decline is Delta Air Lines Inc. and Carnival Corp.
The Standard & Poor's 500 Index sank 13.14, or 0.9 percent, to 1,384.54 at 9:34 a.m. in New York, giving it a 2 percent decline in the week. The Dow Jones Industrial Average slid 137.76, or 1.1 percent, to 12,729.02. The Nasdaq Composite Index lost 21.82, or 0.9 percent, to 2,429.42. About six stocks fell for each that rose on the New York Stock Exchange.
Published on May 9, 2008
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