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2008-10-10

Seventh Straight Session Of Losses In Dow Jones

Stocks plunged in the final hour of trading Thursday, sending the Dow Jones industrial average down more than 675 points, or more than 7%, to its lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors

It was the seventh straight session of losses as investors worried recent moves by authorities worldwide to thaw frozen credit markets might not be enough to avert a global recession.

The Dow Jones industrial average, hurt by a steep decline in shares of GM, dropped 678.91 points, or 7.3%, to 8579.19. The blue chips hadn't closed below the 9,000 level since the June 30, 2003.

Much of the pain, again, came from stocks in the financial industries, ranging from mortgage finance and insurance companies. The result was a 75.02 point decline, or 7.6%, in the Standard & Poor's 500 to 909.92.

The Nasdaq composite dropped 95.21, or 5.5%, to 1645.12.

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