Many Virginia stock prices still down, but bouncing back

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by Jessica Sabbath

Virginia stock prices have been bouncing back from Wall Street’s short-lived plummet this morning.

The U.S. stock market has recovered since falling 400 points in the first few minutes of trading this morning, gaining all but 145 points back. The drop came in response to fears of a recession and after global stock markets fell during the past two days.

The stock prices of Virginia’s largest companies fell this morning along with Wall Street’s losses. After about an hour of trading, almost all stock prices of the state’s largest public companies had fallen. In the early afternoon, stock prices were still down for six companies and many had made up ground since this morning.

Still, the major indices continue to fluctuate. The Federal Reserve made called an unusual emergency meeting this morning to lower both the federal funds rate and the discount rate by 0.75 percent. 

These were the prices for Virginia stocks as of 1:30 p.m.:

Sprint Nextel $8.85, up 15 cents (1.72 percent)
General Dynamics $79.30, down $1.64 (2.03 percent)
Dominion Resources $42.31, down $1.93 (4.36 percent)
Circuit City Stores $4.23, up 47 cents (12.5 percent)
AES Corp.: $17.84, down 38 cents (2.09 percent)
Smithfield Foods: $25.13, up 10 cents (0.40 percent)
Genworth Financial: $21.74, down 12 cents (0.55 percent) 
Capital One: $39.43, down 25 cents (0.63 percent)
Norfolk Southern: $44.46, up 61 cents (1.38 percent)
Gannett: $33.62, down 41 cents (1.20 percent)

Robert Powell and Paula Squires contributed to this story.

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