NEW YORK (AP) - The Dow Jones industrial average dropped more than 360 points Friday - the 20th anniversary of the Black Monday crash - as lackluster corporate earnings, renewed credit concerns and rising oil prices spooked investors.
The major stock market indexes turned in their worst week since July after Caterpillar Inc. (CAT), one of the world's largest construction equipment makers, soured investors mood Friday with a discouraging assessment of the U.S. economy. In a week dominated by mostly negative results from banks facing difficult credit markets and rising mortgage delinquencies, investors appeared surprised that an industrial name was feeling an economic pinch, too.
Reports from Honeywell International Inc. (HON) and 3M Co. (MMM), themselves big industrial names, gave investors little incentive to take chances on the market. In one bright spot, Google Inc. (GOOG) rose after reporting stronger-than-expected profits.
Investor sentiment took another hit when Standard & Poor's downgraded another batch of residential mortgage-backed securities, adding to investor unease about credit quality. The latest reduction follows a similar move earlier in the week and affects more than 1,400 classes.
''We seek him here, we seek him there, Those Frenchies seek him everywhere. Is he in heaven? —Is he in hell? That demmed, elusive Pimpernel.''
Friday, October 19, 2007
Stocks Sink on Black Monday Anniversary
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