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May 16, 2008 6:54:18 AM CDT

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Stocks Rebound, Countering Selloff in Financials  

Posted Mar 17, 08 10:17 AM CDT in Business    Editor's Choice

(newser) – Stocks steadied after steep early morning losses today, with the Dow actually rising 1.06 points by mid-morning, the Wall Street Journal reports. But financials were still down big, as the Bear Stearns fire sale loomed large over the market. Lehman Brothers, down 22%, was hit the worst, other than Bear itself, which nosedived 87%. Still, at $3.79, it remained stubbornly above its $2 buyout price.

JP Morgan is paying just $236 million to acquire Bear Stearns, a bargain basement acquisition the market approved of, rewarding JP Morgan stock with an 11% climb. But there was still unease in the air, as investors wondered why the Fed had cut the discount rate just a day before the FOMC meeting. The S&P 500 is down 8.74 points, while the Nasdaq is down 23.11.

Source Wall Street Journal

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Stocks Rebound, Countering Selloff in Financials
An employee of the Korea Stock Exchange watches update of stock price on a monitor screen at the Korea Stock Exchange in Seoul, South Korea, Monday, March 17, 2008.   (AP Photo)
Stocks Rebound, Countering Selloff in Financials
An investor points to the stock price monitor at a private security company Wednesday, March 12, 2008 in Shanghai, China.   (AP Photo/Eugene Hoshiko)
Stocks Rebound, Countering Selloff in Financials
Traders work the floor of the New York Stock Exchange, Wednesday, Mar. 12, 2008. Wall Street advanced in choppy trading, extending the huge rally a day earlier that was triggered by the Federal Reserve's...   (AP Photo/Henny Ray Abrams)
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stock market  • Federal Reserve  • Dow Jones  • S&P 500  • Ben Bernanke  • Bear Stearns  • JP Morgan Chase


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