Early Rally Falls Flat, Recovers
Posted Mar 5, 08 3:39 PM CST
in
Business
(Newser) –
After an early rally, stocks fell after being hit with news on Ambac Financial's restructuring plan, but then regained some of the lost territory by the closing bell. Shares fell after Ambac said that instead of a bailout plan, it would raise money through a sell-off and restructuring, reports CNNMoney. The Dow ended up 41.19 to 12,254.99, the Nasdaq 12.53 to 2,272.81, and the S&P 6.95 to 1,333.7.
Still, attitudes of many were bleak on Wall Street today. "We've seen a sudden and extreme downturn in economic activity since December," says a stock manager. "There's not a lot to suggest that we aren't in a recession." The Federal Reserve released its "Beige Book" report in the afternoon, which showed an economic slowdown in most areas of the country.
Sources
CNN,
Bloomberg,
Wall Street Journal,
Financial Times (UK)
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