Updated from 12:43 p.m. EDT
Airlines and brokerages again bore the market's wrath Thursday, although investors were largely indiscriminate in selling off the major sectors.
Airlines were again hammered on growing concern about cash burn rates and evaporating demand, with some losing as much as one-fifth of their value.
(U) lost 21.2%, to $4.45, while
(CAL) was down 20.4%, to $13.90.
(AMR), the parent of
American Airlines and
TWA, was off 7.6%, to $18.49, while
Delta Air Lines
(DAL - Get Report) slipped 7.7%, to $21.85.
(UAL), the holding company for
United Airlines, sank 9%, to $17.08.
(NWAC) dumped 8.8%, to $11.01. Among the majors, only
(LUV) held its ground, ending roughly unchanged at $12.82.
Not helping matters was Standard & Poor's announcement that it cut its credit and debt ratings for a number of U.S. airlines, including American, Continental, Delta, United, and US Airways. The agency said that the effects of the terrorist attacks last week and the already "grim airline industry outlook" will lead to a slow recovery.
All but a few tech stocks fell sharply. Boxmaker
was off 8.4%, to $17.48, while
gained 1%, to $11.31.
lost ground gained earlier in the session, but closed up 0.35%, to $5.72.
skidded 6.9%, to $8.47.
dropped 4.5%, to $12.88, and was joined in the red by
, which shed 5.8%, to $50.76. Chipmaker
was off 9.1%, to $21.73, while
lost 7.2%, to $20.67.
Brokerage stocks, which were under pressure Wednesday, continued lower. Morgan Stanley dropped 10.4%, to $37.62, while
sank 9.1%, to $46.64. Goldman Sachs fell 2.6%,
dipped 6.5%, and
Banks and Insurers
was punished following a report that it wouldn't invoke an "act of war" provision to avoid paying claims associated with the terrorist attacks last week. Shares were off 12.7%, to $20.95. Others in the sector were relatively unaffected as
American International Group
dropped 0.86% and
Bank of America
was off 2.5%, while
was up 0.77% and
Royal Dutch Petroleum
was reeling after it reduced its annual growth projection in oil and gas volumes through 2005. Shares were off 6.7%, to $44.81. The rest of the sector was mixed.
was up 0.21%, while
was lower by 4.8%.
Some basic material companies were down on Thursday as well. Chemical company
plunged 16.2%, to $7.35. Paper products company
was off 4.7%, while steelmaker