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Stock market swoons nearly 1,000 points in two days

November 6th, 2008, 2:21 pm · 1 Comment · posted by Mary Ann Milbourn

The hoped-for post-election stock market boom turned into a swoon as the Dow slumped an additional 443 points today for a two-day loss of 929 points. CNBC said it was the worst two-day drop in the Dow ever.

The S&P 500 dropped 5% stock and the Nasdaq was off 4.3% also were down. (Read the full story HERE.)

Analysts blamed a stream of bad economic news including a steep drop in October retail sales and long-term jobless claims hitting a 25-year high. Even oil, which dropped to just above $60 a barrel, was seen as a bearish indication of a slowing economy.

Traders also were wary heading into Friday’s release of the October U.S. unemployment report, which is expected to show accelerating job losses.

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