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Dow Drops 101 Points On Final 07 Trading Day
Wall Street ended a painful year with another steep loss Monday as investors glumly anticipated that 2008 would see a continuation of the uncertainty and turbulence of 2007.
The Dow Jones industrials fell 101 points, the latest in a string of triple-digit moves that became commonplace in the just-ended year amid a continuum of bad news about housing, faltering mortgages and shrinking credit. Thanks to a big first-half advance, they still managed to finish 2007 with a respectable increase of 6.43 percent -- not as large as the 16.29 percent increase in 2006, but a better performance than the modest loss in 2005.
The Dow's annual gain came even after it posted its worst fourth-quarter drop in 20 years, amid billion-dollar losses at the world's biggest financial firms and falling spending by consumers whose budgets have been crimped by record-high oil prices and declining home prices.
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AP | Madlen Read | December 31, 2007 04:59 PM