Dow Falls 146, Sinks Below 12K

'A darned good imitation' of a recession
By Nick McMaster,  Newser Staff
Posted Mar 7, 2008 4:19 PM CST
Specialist Evan Soloman, left, and trader Jon Corpina interact on the floor of the New York Stock Exchange, Friday, March 7, 2008. Stocks bounced around Friday after the government's much-anticipated...   (Associated Press)
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(Newser) – The markets seesawed and ultimately saw losses today as news of a bank boost by the Fed couldn't outweigh the Labor Department's grim February jobs report. The Dow lost 146.70, closing at 11,893.69, and the S&P 500 fell 10.97 to 1,293.37. The Nasdaq enjoyed a stronger late rally and closed down 8.01 at 2,212.49.

"Based on today's employment report, if we are not in a recession, it is a darned good imitation of one; we are in an unprecedented real estate and credit crisis that is whipping its way through the U.S. economy," one banker told MarketWatch. Thornburg Mortgage’s sorrows mounted as its executives announced the lender’s very survival is threatened by its inability to raise cash.