
RICHARD DREW / Associated Press
Specialist Ned Zelles worked on the floor of the New York Stock Exchange yesterday. The Dow Jones industrial average fell 733 points, nearly 8 percent. |
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When bad gets worse
Explanations vary for market's final-hour drama
NEW YORK TIMES NEWS SERVICE
NEW YORK – It has become the scariest hour on Wall Street. Yesterday, in what has become an almost daily occurrence, the stock market lurched at 3 p.m. EDT – this time, down. What had been a bad day ended as one of the worst in history, with the Dow Jones industrial average plummeting 733 points, nearly 8 percent.
Profits fall for two banking giants
JPMorgan, Wells Fargo do better than expected
By Sara Lepro
ASSOCIATED PRESS
NEW YORK – In the midst of one of the nation's worst credit crises, JPMorgan Chase and Wells Fargo managed to report better-than-expected third-quarter results yesterday. But even two of the country's strongest banks proved they are not immune to the widespread credit problems plaguing their peers.
S.D.-area bankers consider feds' offer
Capital injection seen by one as 'opportunity'
By Mike Freeman
STAFF WRITER
The U.S. Treasury Department's plan to inject capital into financial institutions looks pretty darn good to San Diego community bankers, many of whom are considering the voluntary program.
County apartment rents, demand described as flat
By Emmet Pierce
STAFF WRITER
While home prices continue to fall, the cost of renting an apartment remains stable in San Diego County, according to a new survey by the research firm RealFacts Inc.
The average monthly cost of renting within complexes of 100 or more units increased less than 1 percent in the third quarter to $1,405, according to a RealFacts report that comes out today.
Gas prices decrease; consumers still leery
By Onell R. Soto
STAFF WRITER
San Diego gas prices have dropped more than a dollar from their June peak of $4.62 a gallon, and the decline is likely to continue for a few more weeks, market experts say. The average price for regular in San Diego yesterday was $3.39 a gallon, more than a dime lower than a week earlier, said Jeffrey Spring, a spokesman for the Auto Club of Southern California.