Dow plunges 500 points, Virginia stocks fall too
- October 7, 2008
The Federal Reserve’s move to loosen credit markets Tuesday failed to assuage investors, as the Dow Jones Industrial Average plummeted another 500 points to a five-year low. Virginia stocks also fell.
The market took a hit after Federal Reserve Chairman Ben Bernanke gave a grim economic outlook during an afternoon speech. The other major indices reached five-year lows as well. The S&P 500 fell 5.7 percent and the Nasdaq Composite fell 5.8 percent.
Virginia stocks also continued to fall on Tuesday. Some of Virginia’s biggest losses during the day included Richmond insurer Genworth Financial, which fell 17.97 percent to $5.02, Roanoke automotive parts retailer Advance Auto Parts, which fell 16.79 percent to $28.60, and NII Holdings Inc., which fell 11.83 percent to $25.86.
All but a few of Virginia’s largest public companies saw their stocks fall again Tuesday. Here are the largest 15 companies:
Altria, down 81 cents, $18.52
General Dynamics, down 87 cents, $65.05
Dominion Resources, down $1.76, $38.32
Smithfield Foods, down $1.44, $13.48
AES, up 33 cents, $9.16
Circuit City Stores, down 9 cents, 50 cents
Capital One Financial Group, down $4.13, $37.56
Genworth Financial, down $1.10, $5.02
Norfolk Southern, down $2.46, $54.51
CarMax, down 83 cents, $10.10
Gannett Co., down 48 cents, $14.50
Meadwestvaco (MWV), down $1.31, $20.49
Owens & Minor, down 83 cents, $43.16
NVR, down $20.81, $539.20
Advance Auto Parts, down $5.77, $28.60