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September 6, 2008 12:17:59 AM CDT

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Stocks Plunge, Battle Back

Posted Jan 22, 08 3:38 PM CST in Business 

(Newser) – Stocks declined today but ended the session up from the depths of their initial plunge, as the Fed's emergency rate cut seemed to calm freaked-out investors. "This at least gets people from piling in on the short side of things," one strategist told MarketWatch. The Dow fell 128.11 to 11,971.19, the Nasdaq 47.75 to 2,292.27, and the S&P 14.69 to 1,310.50.

"The markets are getting to reasonable valuations. Unfortunately, the trip there is very painful," said another analyst. Stocks took a massive dive as trading opened this morning, thanks to a worldwide plunge yesterday (when US markets were closed for the holiday). But financials, which took a hit in the morning, generally pared their losses and rallied later on, reports Bloomberg.

Sources MarketWatch, Wall Street Journal, Bloomberg, Financial Times (UK)

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U.S. flags adorn the facade of the New York Stock Exchange early Tuesday morning Jan. 22, 2008. U.S. stock futures seesawed Tuesday after the Federal Reserve, responding to a growing financial market...   (Associated Press)
Pedestrians walk outside the Nasdaq stock market on Tuesday, Jan. 22, 2008 in New York. Wall Street fell sharply Tuesday, driving the Dow Jones industrials down about more than 150 points on fears that...   (Associated Press)
An electronic sign shows the decline in the value of Nasdaq stock before the open of the market on Tuesday, Jan. 22, 2008 in New York. Wall Street fell sharply Tuesday, driving the Dow Jones industrials...   (Associated Press)
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