Stocks have ended the week with a big decline after insurer AIG reported a wider-than-expected loss and oil prices reached another new high.
American International Group Inc.’s first-quarter loss has rattled investors and is rekindling anxiety about the strained state of the global financial system.
Meanwhile, crude oil prices continued their advance. Oil futures have topped $126 a barrel for the first time.
According to preliminary calculations, the Dow Jones industrial average fell 120.90 points, or 0.94 percent, and closed at 12,745.88. The Standard & Poor’s 500 index fell 9.40 points, or 0.67 percent, and closed at 1,388.28. The Nasdaq composite index dropped 5.72 points, or 0.23 percent, and closed at 2,445.52.
Among Kansas City area companies of interest:
I Aquila Inc. closed at $3.77, up 3 cents.
I Cerner Corp. closed at $46.25, down 55 14 cents.
I Commerce Bancshares Inc. closed at $42.58, down 60 cents.
I DST Systems Inc. closed at $59.90, down 62 cents.
I Embarq Corp. closed at $43.59, up 28 cents.
I Garmin Ltd. closed at $42.08, down 24 cents.
I Great Plains Energy closed at $26.17, up 28 cents.
I H&R Block Inc. closed at $23.57, up $1.71.
I Kansas City Southern closed at $45.90, down $1.14.
I Sprint Nextel Corp. closed at $9.38, up 40 cents.
I UMB Financial Corp. closed at $49.61, up 14 cents.
I Waddell & Reed Financial Corp. closed at $33.70, down 15 cents.
I YRC Worldwide Inc. closed at $17.86, up 11 cents.
The Closing Bell is compiled from staff and wire reports by Steve Rosen. Call him at 816-234-4879 or send e-mail to srosen@kcstar.com. A recap of the day’s markets activity is available in the Business section of The Kansas City Star.
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