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Stocks plunge after news of crash
Stocks dropped sharply Monday after news of the crash of an American Airlines passenger jet in New York hit the market minutes before trading opened. In mid-morning trading Monday, the blue-chip Dow Jones industrial average was down 174 points at 9,433 while the technology-packed Nasdaq Composite Index was down 31 points at 1,797.
Stocks dropped sharply Monday after news of the crash of an American Airlines passenger jet in New York hit the market minutes before trading opened.
In mid-morning trading Monday, the blue-chip Dow Jones industrial average was down 174 points at 9,433 while the technology-packed Nasdaq Composite Index was down 31 points at 1,797.
The broader Standard & Poor's 500 Index was down 17 at 1,103. The Russell 2000 index, which tracks smaller company stocks, fell 3.83, or 0.9 percent, to 434.27.
"It's the plane crash,'' said Lance Zipper, managing director of equity trading at Brean Murray & Co. "The market looked like it was going to act all right, but now people are getting paranoid with this crash.''
The broader Standard & Poor's 500 Index was down 17 at 1,103. The Russell 2000 index, which tracks smaller company stocks, fell 3.83, or 0.9 percent, to 434.27. "It's the plane crash,'' said Lance Zipper, managing director of equity trading at Brean Murray & Co. "The market looked like it was going to act all right, but now people are getting paranoid with this crash.'' The wide-body Airbus A-300 twin engine passenger jet crashed five miles from the airport in a residential area of Rockaway, in the Queens borough of New York City, an FAA spokesman said. The cause of the plane crash was still unclear, but the news was enough to spook investors still recovering from the September attacks on New York and Washington. In Europe, Germany's DAX index was down 1.5 percent, France's CAC-40 fell 0.8 percent, and Britain's FT-SE declined 0.3 percent. European currencies rose against the dollar, with the Euro adding 3/4 cent to trade around $0.90 and the Swiss franc, a traditional safe haven in times of turmoil, rising half a centime to 1.6233 to the dollar. The dollar also tumbled to a one-month low against the yen of below 119.75 following the crash.
Bureau Report
The broader Standard & Poor's 500 Index was down 17 at 1,103. The Russell 2000 index, which tracks smaller company stocks, fell 3.83, or 0.9 percent, to 434.27. "It's the plane crash,'' said Lance Zipper, managing director of equity trading at Brean Murray & Co. "The market looked like it was going to act all right, but now people are getting paranoid with this crash.'' The wide-body Airbus A-300 twin engine passenger jet crashed five miles from the airport in a residential area of Rockaway, in the Queens borough of New York City, an FAA spokesman said. The cause of the plane crash was still unclear, but the news was enough to spook investors still recovering from the September attacks on New York and Washington. In Europe, Germany's DAX index was down 1.5 percent, France's CAC-40 fell 0.8 percent, and Britain's FT-SE declined 0.3 percent. European currencies rose against the dollar, with the Euro adding 3/4 cent to trade around $0.90 and the Swiss franc, a traditional safe haven in times of turmoil, rising half a centime to 1.6233 to the dollar. The dollar also tumbled to a one-month low against the yen of below 119.75 following the crash.
Bureau Report