Stock Indexes Drop Substantially on Monday
August 17, 2009 by Stephen Kersey
Filed under Business
Wall Street didn’t have a very good Monday. In fact, stock indexes were hit harder than they’ve been hit in the last month and a half. The reason? Investors are worried about the lack of growth in consumer spending.
One of the leading culprits for lowering the confident in consumer spending was Lowe’s. The home improvement giant released a second quarter report on Monday that came in low on both profit and revenue. As a result, Lowe’s stock dropped more than 10% and soured many investors.
Most stock indexes were down between two and three percent. The Dow Jones industrial average was down 2% to finish Monday at 9,135.34. The Standard and Poor’s 500 finished at 979.73 — a drop of nearly 2.5%. Both the Nasdaq composite index and the Russell 2000 were down 2.8%. The Nasdaq index fell to 1,930.84, while the Russell 2000 fell to 548.18.
Stock markets around the world were also hard hit. Stock indexes in China, Japan, Britain, Germany and France all fell.
Shanghai Stock Market (Image: Flickr)
