Stocks Sink As Investors Weigh Sandy’s Costs

NEW YORK (November 2, 2012)--Stocks ended the day Friday sharply lower as investors assessed the potential costs of Superstorm Sandy.

The Dow Jones industrial average lost 139 points to end the day at 13,093.

The Standard & Poor's 500 index fell 13 points to close at 1,414.

The Nasdaq composite lost 38 points to end the day at 2,982.

Insurers plunged on expectations that losses from the catastrophe will eat into their fourth-quarter earnings.

AIG fell 7 percent, Genworth Financial 3 percent and Hartford Financial Services Group lost 3 percent.

Stocks rose in the morning after the government reported a pickup in hiring last month, but the rally evaporated quickly.

Two stocks fell for every one that rose on the New York Stock Exchange where volume was higher than usual at 3.6 billion shares.


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