The Hindu : Business : Dow dives by 200 points

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Friday, Mar 14, 2008
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Dow dives by 200 points

NEW YORK: Stocks tumbled on Thursday as investors recoiled following a further decline in the dollar, spikes in gold and oil prices and a warning that a Carlyle Group fund is near collapse. The major indexes each lost more than one per cent; the Dow Jones industrial average at times fell more than 200 points.

Regulatory changes

Investors were also getting their first look at a plan outlined by Treasury Secretary Henry Paulson to provide stronger regulatory oversight of mortgage lenders, whose lax standards are blamed for touching off the concerns about souring debt that have led to turmoil in the credit markets.

But talk of regulatory changes appeared to do little to dislodge the glum mood on Wall Street.

Carlyle Capital Corp., which is managed by the Carlyle Group, warned late Wednesday it expects creditors will seize all the fund’s remaining assets after unsuccessful negotiations to prevent its liquidation. In midmorning trading, the Dow fell 205.07, or 1.69 per cent, to 11,905.17. — AP

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