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Stocks sink as investors assess Sandy's damage

2:24 PM, Nov 2, 2012   |    comments
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Stocks are ending sharply lower on Wall Street as investors assess the potential costs of Superstorm Sandy. 

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

The Standard & Poor's 500 index fell 13 points to 1,414. The Nasdaq composite lost 38 points to end 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. Volume was higher than usual at 3.6 billion shares.

The Associated Press

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