Most Virginia stocks remained down in the early afternoon, but overall, the U.S. financial markets have handled this past weekend’s financial mess better than expected.
Some analysts expected today’s markets to be more tumultuous after Lehman Brothers filed for bankruptcy Monday morning when federal officials failed to intervene to prevent its collapse. In addition, Bank of America has agreed to buy Merrill Lynch for $50 billion. Both Lehman Brothers and Merrill Lynch lost billions in the subprime mortgage turmoil. Insurer AIG also has roiled the U.S. markets when it sought a $40 billion bridge loan from the Federal Reserve.
The Dow Jones Industrial Average continues to fluctuate. As of 2 p.m., the index was down 287 points, but had been down more than 300 points earlier in the day.
Following are the stock prices for the 15 largest public companies in Virginia as of 2 p.m.:
Altria Group, down 24 cents, $20.92
General Dynamics, down 20 cents, $84.73
Dominion Resources, down 64 cents, $42.47
Smithfield Foods, down $1.19, $20.91
AES, down $1.09, $13.13
Gannett, down 64 cents, $16.89
MeadWestvaco, down 53 cents, $27.12
Owens & Minor, down 1 cent, $45.61
NVR, down $13.19, $595.96
Advance Auto Parts, down 71 cents, $41
Circuit City, down 2 cents, $1.66
Capital One, up 6 cents, $46.00
Genworth Financial, down 48 cents, $14.63
Norfolk Southern, down $1.04, $66.93
CarMax, down 36 cents, $15.30
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