Dow drags Wall Street down with 226-point drop | The Honolulu Advertiser

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Dow drags Wall Street down with 226-point drop | The Honolulu Advertiser | Hawaii's Newspaper

Updated at 11:17 a.m., Tuesday, July 24, 2007

Dow drags Wall Street down with 226-point drop

Associated Press

Stocks plunged Tuesday, sending the Dow Jones industrial average down more than 220 points on a few troubling earnings reports and concerns about lending. DuPont Co. reported flat second-quarter profit growth that missed Wall Street forecasts, while another Dow component, American Express Co., posted a better-than-expected rise in second-quarter profit but pointed to an increase in missed payments. That, along with a profit warning from mortgage lender Countrywide Financial Corp., added to jitters about the credit environment.

The Dow Jones industrial average fell 226.47, or 1.62 percent, to 13,716.95, its biggest one-day point drop since March 13.

The Standard & Poor's 500 index fell 30.53, or 1.98 percent, to 1,511.04.

The Nasdaq composite index declined 50.72, or 1.89 percent, to 2,639.86.

For the week:

The Dow is down 134.13, or 0.97 percent.

The S&P is down 23.06, or 1.50 percent.

The Nasdaq is down 47.74, or 1.78 percent.

For the year:

The Dow is up 1,253.80, or 10.06 percent.

The S&P is up 92.74, or 6.54 percent.

The Nasdaq is up 224.57, or 9.30 percent.

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