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MONDAY, NOVEMBER 23, 2009
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Mortgage Worries Drive Markets Down

Exchanges sink on subprime woes; Blackstone jumps in debut

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(Newser) – The major exchanges plummeted today, wrapping up a week of seesawing during which the Dow and the S&P 500 lost about 2% and the Nasdaq fell 1.4%. Even Bear Stearns' announcement that it will bail out a hedge fund entangled in subprime loans couldn't stop the bleeding. The Dow ended the day at 13,360.26, down 185. 58, or 1.4%.

Bear Stearns acted today to assume $3.2 billion in loads and head off creditors who had already begun selling assets. One bright spot was no-longer-private-equity firm Blackstone. The buyout firm, which went public yesterday, concluded its first day on the NYSE at $35.06, up $4.06 (13%) over the price of yesterday's IPO.

Specialist George Moerler III talks with a pair of traders on the floor of the New York Stock Exchange Friday, June 22, 2007. Stocks fell sharply Friday, extending the stock market's losses for the week, as bond yields remained elevated and as oil prices moved higher. (AP Photo/Richard Drew)
Specialist George Moerler III talks with a pair of traders on the floor of the New York Stock Exchange Friday, June 22, 2007. Stocks fell sharply Friday, extending the stock market's losses for the week,...   (Associated Press)
Bank of America specialists Michael Sollitto, left, and Robert Lucey look over figures for Citadel Broadcasting Corp. on the floor of the New York Stock Exchange, Tuesday, June 12, 2007. Disney is selling 22 large-market radio stations to Citadel, but Citadel must sell 11 stations in markets where it would...
Bank of America specialists Michael Sollitto, left, and Robert Lucey look over figures for Citadel Broadcasting Corp. on the floor of the New York Stock Exchange, Tuesday, June 12, 2007. Disney is selling...   (Associated Press)
Traders gather at the post that handles Citadel Broadcasting Corp. on the floor of the New York Stock Exchange, Tuesday, June 12, 2007. Disney is selling 22 large-market radio stations to Citadel, but Citadel must sell 11 stations in markets where it would exceed the agency's local ownership rules. The...
Traders gather at the post that handles Citadel Broadcasting Corp. on the floor of the New York Stock Exchange, Tuesday, June 12, 2007. Disney is selling 22 large-market radio stations to Citadel, but...   (Associated Press)
Stock prices for The Cheesecake Factory and other stocks are shown at the Nasdaq stock market on Thursday, June 21, 2007. Several analysts lowered their ratings on The Cheesecake Factory Inc. after the restaurant chain forecast second-quarter revenue that proved weaker than Wall Street had been expecting. (AP Photo/Mark Lennihan)
Stock prices for The Cheesecake Factory and other stocks are shown at the Nasdaq stock market on Thursday, June 21, 2007. Several analysts lowered their ratings on The Cheesecake Factory Inc. after the...   (Associated Press)
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