Dow loses more than 500 - Spokane, North Idaho News & Weather KHQ.com

Dow loses more than 500

NEW YORK, N.Y. - Stocks have retrenched today as investors react to more gloomy news about corporate earnings.

The Dow ended with a loss of 514 points or 5.7 percent to 8,519. The S&P fell 58 points to 897.

The Nasdaq composite lost about 81 points to 1,615.

Declining issues outnumbered advancers by a 5 to 1 margin. Volume on the NYSE came to 5.9 billion shares. Nasdaq stock market volume was 2.5 billion shares.

Japan's Nikkei stock average fell for the first time in three days, 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.

As the dollar strengthened, light, sweet crude for December delivery fell $5.43 to settle at $66.75 on the New York Mercantile Exchange.

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