Wall Street fell today, sending the Dow Jones industrials to new six-year lows as investors around the world keep selling on pessimism about the global economy. Financial companies with headquarters or operations in Hartford also declined.
The Dow fell 57.19, or 0.77 percent, to 7,408.76 in early trading. On Thursday, the Dow fell to its lowest level since Oct. 9, 2002, the depths of the last bear market.
The Standard & Poor’s 500 index tumbled 6.11, or 0.78 percent, today to 772.83, while the Nasdaq composite index fell 0.25, or 0.02 percent, to 1,442.57.
Key financial stocks including Citigroup Inc. and Bank of America Corp. were falling again today after being battered Thursday. Both Citi and Bank of America – which have branches in Connecticut – have been among the hardest hit by the ongoing turmoil in the industry and received multiple multibillion investments from the government to help stabilize their operations.
Citi shares tumbled 50 cents, or 19.9 percent, to $2.01. Bank of America shares, which touched a 25-year low earlier in the day, sank 53 cents, or 13.5 percent, to $3.40.
Hartford insurers did not escape the beating.
At 11 a.m., shares of The Phoenix Co. Inc. fell to 92 cents, down 36 cents, or 28.1 percent. Hartford Financial Services Group Inc. traded at $6.71, down $1.02, or 13.2 percent.
ING was down 86 cents, or 14.6 percent, at $5.03. Lincoln Financial Group was $11.40, down 27 cents, or 2.3 percent. Travelers Co. was off 23 cents, or 0.6 percent, at $38.27. (AP)
