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Bear Bailout Invites the Bears

Posted Mar 14, 08 3:40 PM CDT in Business 

(Newser) – News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65 to 11,951.09, the Nasdaq 51.12 to  2,212.49, and the S&P 500 27.34 to 1,288.14.

Citigroup, Bank of America, American Express, and AIG were among the financials dragged down in Bear Stearns' wake. The fact that even dramatic moves by the Fed haven't quelled the uncertainty makes it that much worse, analysts say. "There's a series of policy mistakes or failures that have led to this," one strategist said. "There's a massive amount of liquidity far in excess of what there's demand for."

Sources: Wall Street Journal, Bloomberg, MarketWatch

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The offices of global investment bank, securities trading and brokerage firm Bear, Stearns & Co. on Madison Ave. December 20, 2007 in New York City.   ((Mario Tama/Getty Images))
Marco Picone, right, and Michael McDonnell, both of Lehman Brothers MarketMakers consult on the floor of the New York Stock Exchange, Friday, March 14, 2008.   (AP Photo/Henny Ray Abrams)
Holiday lights from a Christmas tree highlight the Bear Stearns Company sign at its headquarters in New York, in this Dec. 15, 2005 file photo.   (AP Photo/Bebeto Matthews, file)
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Financial Crisis • Dow Jones • S&P 500 • Federal Reserve • Nasdaq • Citigroup • Bear Stearns • AIG • Bank of America • American Express • Countrywide Financial • Federal Reserve Bank of New York


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