Stock Market October 23, 2008
Stock Market October 23, 2008 Greenspan: 'Credit Tsunami' to Have Severe Impact- Wall Street wobbles as corporate forecasts, jobless claims point to weaker economy Investors seemed to be looking for bargains after a two-day selloff that slashed nearly 750 points from the Dow Jones industrials, but there was clearly little conviction behind any buying. There is a growing belief on the Street that the economy is either in a recession or headed for one despite government relief efforts and gradual improvements in world credit markets Goldman Sachs fell $3.71, or 3.2 percent, to $111. Eli Lilly rose 60 cents to $32.71, while Dow Chemical rose $1.65, or 7.5 percent, to $23.76. Light, sweet crude rose $1.45 to $68.20 on the New York Mercantile Exchange. The contract on Wednesday fell to a new 16-month low as big increases in U.S. crude and gasoline stocks fed beliefs that the economic downturn is eroding demand for energy. Goldman Sachs fell $3.71, or 3.2 percent, to $111. Eli Lilly...