News both financial and international sent stocks tumbling last week. On the financial side were weaker than expected earnings from General Electric and Citigroup and a tempered outlook from Motorola. In international news, the nuclear arms dispute in Iran and renewed terrorist threats against the United States sent oil prices soaring to a four-month high of 68.85. In all, the Dow dropped 290.16 points to close at 10,667.39, down 2.6 percent. The Nasdaq fell 54.86 to close at 2,247.70, a nearly 2.4 percent decline. Advertising stocks fared better than the general averages, though all three major holding companies finished the week lower. Omnicom closed at 82.99, losing 1.51 points, down nearly 1.8 percent. Interpublic Group closed at 9.84, down only 0.06 points, a 0.6 percent decline. WPP Group closed at 55.40, down 0.25 points, a 0.2 percent decline.
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