When: November 18, 2007
Where: New York, New York
Who: Wall Street
What: Stocks slumped Monday afternoon as a dour note on the financial sector from Goldman Sachs revived worries about the fallout from credit and mortgage market troubles. The Dow Jones industrial average lost 1.2 percent roughly 3 hours into the session. The S&P 500 index lost 1.4 percent. The Nasdaq composite declined 1.3 percent.
Why: Goldman Sachs to "sell" from "neutral" Monday and said the bank will likely have to take $15 billion in writedowns over the next two quarters due to bets on risky debt. Citigroup shares fell over 5 percent. Investors were reminded that the problems in housing and financials threaten the broader economy - and consumer spending - heading into the important holiday retail sales period.
Source: http://money.cnn.com/2007/11/19/markets/markets_1200/index.htm?cnn=yes
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