Weekend ulcer invoked.. Dow<http://us.lrd.yahoo.com/_ylt=ArIauux0Wh1qUJhEPsczhRW7YWsA/SIG=11ciel2ve/**http%3A//finance.yahoo.com/q%3Fs=%255EDJI> 13,522.02-366.94-2.64%[image: Chart for Dow]<http://us.lrd.yahoo.com/_ylt=ApY1o4sfU9fi86A9gdLw61e7YWsA/SIG=11ciel2ve/**http%3A//finance.yahoo.com/q%3Fs=%255EDJI>
*AP* Stocks Slump; Dow Falls Over 360 Points Friday October 19, 4:16 pm ET By Tim Paradis, AP Business Writer Stocks Fall Sharply Amid Lackluster Profit Reports, Credit Concerns NEW YORK (AP) -- The Dow Jones industrial average dropped more than 360 points Friday -- the anniversary of the Black Monday crash 20 year ago -- as renewed credit concerns, lackluster corporate earnings, and rising oil prices spooked investors. The market turned sharply lower in late afternoon when Standard & Poor's again reduced its ratings on residential mortgage-backed securities. The latest reduction, on more than 1,400 types of securities, added to investors unease about credit quality. In addition, mixed results from Dow components Caterpillar Inc., Honeywell Inc., and 3M Co. gave investors little incentive to take chances on the market. And oil prices added to investors' list of concerns after briefly moving above the psychological barrier of $90 per barrel for the first time. In one bright spot, Google Inc. reported stronger-than-expected profits, drawing a number of analyst upgrades. "I was not surprised there was some correction, given our expectation that earnings growth was going to fall short of expectations," said Alan Gayle, senior investment strategist, director of asset allocation for Trusco Capital Management. "I think stock analysts were slow to incorporate the impact of the subprime crisis on third-quarter earnings," he added. According to preliminary calculations, the Dow fell 366.94, or 2.64 percent, to 13,522.02. The Dow was down for the fifth straight session. Broader stock indicators also fell. The Standard & Poor's 500 index fell 39.45, or 2.56 percent, to 1,500.63, and the Nasdaq composite index dropped 74.15, or 2.65 percent, to 2,725.16. The Nasdaq fell below the noteworthy technical level of 2,750, adding to selling pressure. Friday's pullback pales in comparison to what traders on the floor of the New York Stock Exchange had to contend with 20 years ago. On Oct. 19, 1987 -- Black Monday -- the Dow plunged 23 percent amid concerns about interest rates and slowing economic growth. A decline of similar proportion given the market's current levels would mean a drop of some 3,000 points.
