Dow and Virginia stocks tumble on recession fears
- October 22, 2008
The Dow Jones Industrial Average fell another 560 points on Wednesday amid weak corporate forecasts and falling commodity prices that increased recession fears. Virginia stocks had another tough day, too.
Almost all of Virginia’s major stocks fell Wednesday. The biggest losers were: Richmond insurer Genworth Financial, down 18.5 percent, power company AES, down 15.7 percent, Abingdon coal miner Alpha Natural Resources, down 20 percent, Richmond coal company Massey Energy, down 19.2 percent; and wireless communications company NII Holdings, which fell 22.7 percent.
Although lending rates improved Wednesday, investors were focused on weak quarterly reports and forecasts from companies, including Wachovia, which reported a $23.9 billion loss. Oil prices continued to fall, coming down to $66 a barrel.
Here are how Virginia’s 15 largest companies fared on Wednesday:
Altria, down 9 cents, $19.29
General Dynamics, up $1.01, $56.49
Dominion Resources, down $2.17, $33.86
Smithfield Foods, down $1.04, $13.48
AES, down $1.55, $8.31
Circuit City Stores, down 2 cents, 31 cents
Capital One, down $2.48, $36.40
Genworth Financial, down $1.06, $4.67
Norfolk Southern, up 67 cents, $54.54
CarMax, down 35 cents, $9.67
Gannett, down $1.18, $9.31
MeadWestvaco, down $1.13, $14.29
Owens & Minor, down $1.45, $37.40
NVR, down $11.05, $539.25
Advance Auto Parts, down 85 cents, $28.15