Michigan companies feel the pain as financial markets tumble – By Kalea Hall (The Detroit News) / March 9 2020
Detroit — On a day when the Dow Jones Industrial Average plunged 2,014 points — a 7.8% decline, the steepest drop since the financial crisis of 2008 — some Michigan stocks took an even harder beating.
As mounting fears over the coronavirus combined with a crash in oil prices sent a shudder through world markets on Monday, Marathon Oil Corp., which has a major refinery in Detroit, lost nearly half of its market value as it stock price declined 47%.
Detroit carmakers were hit hard, too. General Motors Co. had the steepest drop with its stock price off nearly 13.9% to close at $24.69. Shares of Fiat Chrysler Automobiles NV dropped 10.9% to $10.54. Ford Motor Co. shares fell 9.1% to $5.90, marking the first time in a decade since Ford’s share price was below $6.
Michigan stocks on average were down 8.5%, according to a Detroit News analysis.
Continue to article: https://www.detroitnews.com/story/business/2020/03/09/michigan-companies-feel-pain-financial-markets-tumble/5005142002/
