8:26 AM Tue, Apr 01, 2008 | Permalink
By John Kostrzewa  Email this author | Email this entry |
Stocks tumbled in the first quarter that ended Monday, with all three major indexes suffering big declines.
The Standard & Poor 500 index was off 9.92 percent. The Dow Jones Industrial Average was down 7.55 percent. And the Nasdaq Composite Index fell 14.07 percent.
Still, the performance was far from the worst on record. Back in 1938, the S&P 500 fell 19.4 percent in the first quarter.
For the first three months of 2008, mutual funds were also off, with the average fund down 8.8 percent, the most in five years.
Stocks of local companies had a mixed report in the first quarter. CVS (CVS:NYSE) closed at $40.51 a share, up 1.9 percent; Hasbro (HAS:NYSE) finished at $27.90, up 9.1 percent; Textron (TXT:NYSE) closed the quarter at $55.42, off 22.3 percent; and LIN TV closed on Monday at $9.61 a share, down 21 percent.
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