By Lisa Singhania
Associated Press
NEW YORK – Stocks fell sharply again Wednesday, with the Dow losing more than 200 points in the morning, amid news of more job cuts and poor earnings because of the terrorist attacks.
The Dow Jones industrials were down 208.28 at 8,694.64 after fluctuating at the beginning of trading.
The Nasdaq was down 51.57 at 1,503.51.
Analysts attributed the selling to uncertainty about how the attacks will affect an already weak economy. The suicide hijackings have had an especially punishing effect on the airline industry, which have announced tens of thousands of layoffs over the past few days.
“I think market overall is bracing for higher unemployment,” said Robert Streed, portfolio manager of Northern Select Equity Fund.
Boeing was off 2 cents at $33.12 on word of as many as 30,000 job cuts due to an anticipated slowdown in air travel following the attacks.
Eastman Kodak slid $4.97, or 12 percent, to $34.86 after it lowered third-quarter expectations and said more job cuts are inevitable. The world’s largest photography company had announced in April it was cutting 3,500 jobs from a global payroll of 78,400.
Still, the selling was not as intense as Monday, the first day of trading since last week’s attacks. The Dow tumbled a record 684 points on Monday, but fell just 17 points on Tuesday.
Copyright ©2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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