Stocks Plummet

By: Barbara Herring | WSAV-TV
Published: October 22, 2008

      Stock prices closed sharply lower on Wall Street today. The Dow Jones Industrial Average finished down more than 500 points to close at 8,519.21.
      Stock markets around the world saw declines today
as concern about disappointing corporate earnings prompts investors
to take a more cautious approach.
      Japan's Nikkei stock average fell for the first time in threedays, dropping nearly 7 percent.
      Wachovia Corp., being bought by Wells Fargo, said it lost nearly $24 billion in the latest quarter. Merck indicated it will slash 7,200 jobs as it reported a 28 percent drop in third-quarter profits. Earlier, Yahoo said it would slash 1,500 jobs while it braces for a deep downturn likely to extend well into 2009.
      World leaders will meet in Washington next month to address the global financial crisis. The White House says the Nov. 15 meeting will be the first in a series of summits aimed at resolving what economists say could be a long and deep economic downturn. The inaugural summit will focus on the underlying causes of the financial crisis.
      Leaders from Europe, Russia, China and other Group of 20 nations are expected to attend.

Stocks Plummet

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