Dow tumbles, Virginia stocks take hit
- October 6, 2008
Wall Street turmoil continued Monday as the Dow Jones Industrial Average fell below 10,000 points for the first time in four years. Virginia stocks also took a hit.
Despite the passage of the $700 billion bailout last week, it became apparent the legislation would not unfreeze credit markets quickly. The Dow was down more than 700 points at one time on Monday, but recovered to close at 370 points below Friday’s close.
The stock prices of most of Virginia’s largest public companies also fell. Some of the steepest falls involved Sunrise Senior Living, which dropped 19 percent to close at $10.85, Richmond-based LandAmerica Financial Group, which dropped 12 percent to close at $19.96, and Genworth Financial, whose stock fell 20 percent to $6.12.
Insurance companies have been hurt by the market’s recent turmoil. Just one month ago, Genworth’s stock was selling for $16.
Following are closing stock prices for the state’s largest public companies on Monday:
Altria, down 96 cents, $19.33
General Dynamics, down $2.28, $65.92
Dominion Resources, down $1.80, $40.08
Smithfield Foods, down 99 cents, $14.92
AES, down $1.09, $8.83
Circuit City Stores, up 2 cents, 59 cents
Capital One, down $3.21, $41.69
Genworth Financial, down $1.48, $6.12
Norfolk Southern, up 80 cents, $56.97
CarMax, down 99 cents, $10.99
Gannett, down 20 cents, $14.98
MeadWestvaco (MWV), down 79 cents, $21.80
Owens & Minor, down $1.52, $43.99
NVR, down $14.54, $560.01
Advance Auto Parts, down $2.38, $34.37