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US stocks plunge for third straight session

(Agencies)
Updated: 2008-11-13 10:04

NEW YORK – An increasingly despondent Wall Street fell for the third straight session Wednesday as investors absorbed another series of dismal corporate reports and news that the US government won't buy banks' soured mortgage assets after all.

The Dow Jones industrials dropped more than 410 points, and all the major indexes lost more than 4 percent.

The stock market has lost about US$1 trillion over the past three days, according to the Dow Jones Wilshire 5000 index, which reflects the value of nearly all US stocks.

US Treasury Secretary Henry Paulson speaks during a news conference at the Treasury Building in Washington November 12, 2008. [Agencies]

The market started the day falling on more signs that companies are being hurt by a severe pullback in consumer spending. Macy's Inc. said it lost US$44 million in the third quarter as sales at the department store retailer fell more than 7 percent. And consumer electronics retailer Best Buy Co. slashed its fiscal 2009 guidance on fears that consumer spending will erode even further.

Related readings: Stocks extend gains on stimulus plan Wall Street higher on China stimulus

Meanwhile, Morgan Stanley, suffering from the ongoing losses on Wall Street, outlined plans to cut 10 percent of staff in its institutional securities group, its biggest business that covers everything from investment banking to stock trading.

More bad news came out after the market closed, Intel Corp. lowered its fourth-quarter revenue and earnings outlook, citing a spending slowdown that is reducing demand for its computer chips. Intel's stock fell in after-hours trading, and its announcement was likely to trigger more selling across the market on Thursday.

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