Market Moving Stocks August 8, 2011
The stock market plunged 632 points on Monday and the NASDAQ dropped 174 points. All of this was on the heels of S&P cutting the US credit rating to AA+ and with many economists continuing to fear a recession.
Bank of America was down 20.3% to drop to $6.51. Financials across the board took huge losses, with stocks such as American Express and JP Morgan following suit. Caterpillar was down 9.2% to drop to $82.60. Also on the downside was Alcoa, which fell 11.4% to $11.33. As oil fell, stocks such as Chevron fell 7.5% to drop to $90.25. Giant technology stocks such as Apple and Google were both down 5.5% to increase the market drop.
Industrials on the DJIA were the "winners" of the day, with Coke, J&J, and P&G all falling less than 3%. Transatlantic Holdings was the highest gainer on the NYSE, up 6.8%.