Investor Concerns Send Markets Plunging

The markets plunged in afternoon trading to close at 1997 lows with the Dow collapsing 251 points to 7115 as investor concerns about the economy increased. Nasdaq slumped 54 points to 1388.

On the upside

Shares of United Air Lines parent UAL (Nasdaq: UAUA) surged as oil prices fell.

In a customer satisfaction survey, Fifth Third Bancorp (Nasdaq: FITB) scored much higher than four other major national retail banks.

The National Geospatial Intelligence Agency certified GeoEye (Nasdaq: GEOY) as fully operational.

On the downside

Intel (Nasdaq: INTC) will raise capital through the sale of debt, stock or other securities.

According to Thomas Reuters service IFR, Hewlett-Packard (NYSE: HPQ) will sell $2.7 billion in notes.

Canaccord Adams downgraded Companhia Vale do Rio Doce (NYSE: RIO).

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 16 points to 495.

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