• 77°

Stocks tumble as House votes on plan

By Tim Paradis
AP Business Writer
NEW YORK (AP) ó Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, as traders feared the financial bailout package would not pass the House.
As the vote was shown on TV, stocks plunged and and investors fled to the safety of the credit markets, worrying that the financial system would keep sinking under the weight of failed mortgage debt.
ěClearly something needs to be done, and the market dropping 400 points in 10 minutes is telling you that,î said Chris Johnson president of Johnson Research Group. ěThis isnít a market for the timid.î
The markets were highly volatile, with the Dow regaining ground to trade with a loss of about 360, then falling backing again, trading down 481.39, or 4.32 percent, at 10,661.74.
Broader stock indicators also fell. The Standard & Poorís 500 index declined 63.13, or 5.20 percent, to 1,150.14, and the Nasdaq composite index fell 124.29, or 5.69 percent, to 2,059.05.
With Wall Street nervous that the plan may not pass, the yield on the 3-month Treasury bill fell to 0.68 percent from 0.87 percent on Friday. That showed that investors were prepared to get meager returns on an investment as long as it was secure.
The Federal Reserve declined to comment on the marketís decline

Comments

Comments closed.

Crime

Salisbury man charged with felony drug crimes

Crime

Second person charged in thefts from house near county line

Crime

Police use tear gas to end robbery stand off, arrest suspect

Local

Ask Us: When will Rowan Public Library’s West Branch open?

Nation/World

Prosecution case nears end in ex-cop’s trial in Floyd death

Nation/World

Officer accused of force in stop of Black Army officer fired

Crime

Blotter: Man charged with hitting man with car, fleeing while intoxicated

Local

‘Meet the need’: Rowan County Health Department looks to add to vaccination options

Local

Seaford is first woman in county hired for town manager position since the ’90s

Local

Colonial Spring Frolic makes a comeback to kick off museum’s year

Local

Concord City Council wants to name bridge for fallen officer, Rowan native

Education

RSS administration will recommend selling Faith Elementary property to charter school

Business

Inspired by advice from father-in-law, Angela Mills launches her own business in memory of him

Local

Rowan County Democrats re-elect leaders, pass resolutions

Local

Baseball: Memories come alive in Ferebee book

Local

During Child Abuse Prevention Month, professionals reflect on detecting abuse in a virtual world

Business

Biz Roundup: Small Business Center announces spring slate of workshop for business owners

Clubs

Kiwanis Pancake Festival starts Friday

Local

Rowan fire marshal seeks to clear up confusion, worry caused by solicitation letter

Education

Fun every day: Fifth anniversary for Yadkin Path Montessori School

Nation/World

Charles: Royal family ‘deeply grateful’ for support for Philip

News

North Carolina sites to resume J&J vaccines after CDC review

News

Cooper OKs bill offering K-12 students summer school option

High School

High school football: Playoff time means get ready for ‘big-boy football’