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Investors Wary; Stocks Mixed

Lehman's floundering continues to stir fear in financial sector

By Nick McMaster, Newser Staff

Posted Sep 12, 2008 3:28 PM CDT

(Newser) – The markets ended mixed today, as Lehman Brothers foundered and financial firms continued to take hits, MarketWatch reports. Weekly gains were slim, despite Sunday’s Fannie and Freddie bailout, which was supposed to calm investor fears and boost the markets. The Dow closed down 11.72 at 11,421.99. The Nasdaq rose 3.05 to 2,261.27, while the S&P 500 gained 2.64, closing at 1,251.69.

Oil fell briefly below $100 a barrel but didn’t spur widespread gains in stocks, although it might have contributed to a second day of gains for General Motors and Ford, which rose 2.4% and 5.3%, respectively. In financials, AIG, which still holds much mortgage-related debt, was down 31.3%.

For the week, the Dow finished up 1.9%, the Nasdaq gained 0.2%, and the S&P 500 rose 0.8%.

[Images (2)]

[Quotes (1)]

Specialists work on the trading floor where Lehman Brothers stock is traded at the New York Stock Exchange in this undated file photo. (AP Photo)

The headquarters of the American International Group Inc. is shown in this March 1, 2007, file photo in New York. (AP Photo)

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The US economy is weak and likely getting weaker. There seems to be no end to the shoes that keep dropping around the financial-services companies and we just aren't sure who is next. - Kevin Giddis,
managing director at Morgan Keegan

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Investors Wary; Stocks Mixed