Gloom dooms Wall Street

February 29, 2008 5:48:34 PM PST
Gloom about the economic outlook helped to pull stocks down sharply. The Dow fell 315 points to 12,266. It was down nearly 1 percent for the week.

The S&P 500 dropped 37 points today to 1,330, making for a loss of 1.6 percent this week.

And the Nasdaq composite shed 60 points to 2,271, down 1.4 percent for the week.

Declining issues led advancers by a 6-to-1 margin.

Some 4 billion shares changed hands on the NYSE. Nadsaq market volume was about 2.4 billion shares.

The losses came after reports on personal spending and consumer sentiment gave no immediate reason for believing that economic weakness will level out soon. A larger-than-expected loss from insurance giant AIG raised more concerns about fallout from the credit crunch.

Crude oil prices eased after topping $103 a barrel.