Stocks tumbled on Friday after American International Group reported its biggest loss ever, sending shock waves through the market and causing widespread selling of financial stocks.
The Dow lost -315.79, the Nasdaq Composite -60.09 and the S&P 500 lost -37.05.
American International Group's (NYSE:AIG) record $5.29 billion loss led to widespread selling on Friday. AIG's Short Term PowerRating is 4.
Meanwhile, a 6% decline in quarterly profit at Dell (NasdaqGS:DELL) weighed on the technology sector. DELL's Short Term PowerRating is 4.
After the market close, Berkshire Hathaway (NYSE:BRK-A) reported an 18% decline in fourth quarter profit and warned investors that "insurance-industry profit margins, including ours, will fall significantly in 2008". BRKA's Short Term PowerRating is 5.
Northrop Grumman (NYSE:NOC) won a $35 billion contract to build air refueling tankers. NOC's Short Term PowerRating is 6.
The news Northrop Grumman was a major blow to market leader Boeing (NYSE:BA). BA's Short Term PowerRating is 5.
Late on Friday, The Wall Street Journal reported that Countrywide Financial (NYSE:CFC) may be sanctioned for "alleged abuses of the bankruptcy system." CFC's Short Term PowerRating is 5.
And finally, do you think Merrill Lynch (NYSE:MER) will close up or down on Tuesday? Short Term PowerRating is 5. Play TradingMarkets Up or Down Daily Stock Contest for the chance to win $1000 every month by predicting the direction of a stock.
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