AIG's Loss Helps Fuel Dow Decline
Posted on: Sunday, 11 May 2008, 00:00 CDT
By The Associated Press
NEW YORK (AP) - Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week.
Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider- than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system.
AIG reported it lost $7.81 billion - its second straight quarterly loss - and revealed plans to raise $12.5 billion in the coming months. The world's largest insurer, like many of its peers in the financial services sector, has seen its investments in the credit markets plunge in value.
(c) 2008 Telegraph - Herald (Dubuque). Provided by ProQuest Information and Learning. All rights Reserved.
Source: Telegraph - Herald (Dubuque)
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