Dow, Virginia stocks plunge
- December 1, 2008
The Dow Jones Industrial Average plunged 680 points Monday on the official proclamation that the country is in a recession and a series of bad economic news announcements. Virginia stocks followed suit.
The Nasdaq Composite and S&P 500 were down almost 9 percent.
The National Bureau of Economic Research announced Monday the country had been in a recession since December 2007. Also contributing to investors’ fears were modest gains during the first holiday shopping weekend and downbeat reports on the manufacturing and construction sectors.
Almost all of Virginia’s stocks lost value Monday. Some of the largest drops belonged to Genworth Financial Group, Capital One Financial Corp.and Sallie Mae, which were all down 21 percent, and Media General, which fell 22 percent.
Stocks of coal companies also showed significant drops. Alpha Natural Resources and Massey Energy Co. down 21 percent while James River Coal Co. was down 26 percent.
Here are how 15 of Virginia’s largest stocks fared Monday:
General Dynamics, down $3.13, $48.54
Dominion Resources, down $1.98, $34.84
Smithfield Foods, down 44 cents, $6.37
AES Corp., down 78 cents, $6.91
Capital One, down $7.28, $27.13
Genworth Financial, down 30 cents, $1.15
Norfolk Southern, down $3.88, $45.59
CarMax, down 78 cents, $6.73
Gannett, down 53 cents, $8.18
MeadWestvaco, down $1.10, $10.56
Owens & Minor, down $3.87, $37.66
NVR Inc., down $48.61, $385.64
Advance Auto Parts, down $2.20, $28.16
Dollar Tree Stores, down $3.16, $39.13
Amerigroup Corp., down $1.88, $22.68