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October 10, 2008 4:10:20 PM CDT

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Stocks Flat Despite WaMu Deal

Posted Apr 7, 08 3:36 PM CDT in Business 

(Newser) – Stocks were flat today after worries about coming first-quarter earnings reports kept a financial stocks rally from taking hold, MarketWatch reports. The Dow rose 3.01 to 12,612.42; the S&P 500 rose 2.14 to 1,372.54; and the Nasdaq was off 6.15 to close at 2,364.83.

Financials rallied after a group of investors led by TPG announced they were considering a $5 billion investment in Washington Mutual, the largest American savings and loan. WaMu is desperate for cash after losing $3 billion in mortgage-related writedowns. Though WaMu stock surged, investors stayed cautious, with a nervous eye toward Alcoa's Q1 earnings report, due after today's close.

Sources: Wall Street Journal, MarketWatch, Bloomberg

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Traders Marshall Ryan, center, and Thomas Kay, right, trading on New York Stock Exchange, Monday, April 7, 2008.   (AP Photo/Richard Drew)
A Washington Mutual home loan center is seen in the Northgate neighborhood of Seattle, Tuesday, Dec. 11, 2007.   (AP Photo/Marcus R. Donner)
Traders work the floor of the New York Stock Exchange in this undated file photo.   ((Timothy A. Clary/AFP/Getty Images))
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Dow Jones  • S&P 500  • Nasdaq  • earnings reports  • Washington Mutual  • Alcoa  • first quarter earnings


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