| GEO Business | | Wall Street's 122-point slide trims Dow's weekly gain to 0.8% | Updated at: 1100 PST, Saturday, March 21, 2009
NEW YORK: Stocks on Wall Street slid the most in two weeks as analysts cut earnings estimates for GE, banking stocks fell and the dollar rose.
The main Dow Jones index slid 122.42 points, or 1.7%, to 7278.38, up 0.8% for the week.
GE lost 5.8% after presenting a more “sober” assessment of earnings, according to investors. Bank of America, Wells Fargo and JP Morgan Chase led financial shares to the biggest drop among the 10 main industries in the Standard & Poor’s 500 Index. American International Group slumped 22% as 19 states began probing its bonuses.
The S&P 500 tumbled 2% to 768.54, trimming its advance from a 12-year low on March 9 to less than 14%.
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