Virginia stocks fall along with Dow’s plunge
- October 9, 2008
The Dow Jones Industrial Average plunged 679 points in late-afternoon trading Thursday as the U.S. Treasury’s proposal to invest in bank assets failed to soothe investors. Virginia stocks plummeted as well.
On the one-year anniversary of the Dow’s all-time high, it plunged to below 8,700 points, the first time since 2003. The S&P 500 fell 7 percent and the Nasdaq Composite fell 5.5 percent.
Another blow to stocks came when ratings agency Standard & Poor’s announced it was putting GM on credit watch negative.
Virginia stocks continued to take a beating as well. Richmond insurer Genworth Financial saw its stock prices fall 20.85 percent to $3.72. The insurance company has been hit hard by recent turmoil. Its stock was trading at $16 per share as recently as early September. Another Richmond insurer, LandAmerica Financial Group was slammed Thursday when its stock fell 37.07 percent to $12.85.
Other significant drops include: McLean-based Sunrise Senior Living, which fell 27.47 percent to $7.02, student lender SLM Corp. which fell 18.47 percent to $ 6.40, and Media General, which fell 17.65 percent to $8.91.
Here are how Virginia’s 15 largest stocks performed:
Altria, down 72 cents, $17.38
General Dynamics, down $4.64, $60.92
Dominion Resources, down $2.50, $35.05
Smithfield Foods, up 20 cents, $13.18
AES, down 46 cents, $8.63
Circuit City Stores, up 2 cents, 43 cents
Capital One Financial Corp., down $2.38, $8.63
Genworth Financial, down 98 cents, $3.72
Norfolk Southern, down $1.22, $31.27
CarMax, up 28 cents, $10.10
Gannett, down $1.24, $13.37
MeadWestvaco, down $1.45, $18.88
Owens & Minor, down $3.11, $38.93
NVR, down $33.21, $514.94
Advance Auto Parts, down $1.43, $27.97