December 2, 2008 8:58:49 PM CST
(Newser) – After a midday lull, stocks plummeted again late today as traders adjusted to the failure of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America, Bloomberg reports. Lehman’s stock alone was down 94.9%. The Dow fell 504.48 to 10,917.51. The S&P 500 lost 59.01, its biggest drop since the 2001 terror attacks, closing at 1,192.69; the Nasdaq fell 81.36 to 2,179.91.
“Fear is in charge,” one exec said. “This blows another hole in the banking system's ability to extend credit.” Surviving big investment banks Goldman Sachs and Morgan Stanley each fell around 12% in anticipation of their quarterly reports, due this week—both are expected to report $1-2 billion writedowns but stay in the black. AIG plummeted 57.9% as New York Gov. David Paterson announced the insurer would be able to tap its own subsidiaries for a needed $20 billion loan.
Sources Bloomberg, Wall Street Journal
5 hours, 34 minutes ago Stocks rallied late in the session today, buoyed by rounds of bargain hunting following yesterday’s deep sell-off, the Wall Street Journal reports. GE rose 14%, despite lowering its forecast, on news that it will still pay a $1.24-per-share dividend next year. The Dow rose 270 points to close at 8,419. The Nasdaq gained 51.73 points, closing at 1,450, and the S&P 500 rose 32.60 points to settle at 849. More »
Dec 1, 08 3:20 PM CST The stock market tumbled today amid dismal global economic data, MarketWatch reports, including a report by a group of economists that, by their measure, the US economy has been in recession since December 2007. The Dow fell 679.95 to close at 8,149.09. The Nasdaq dropped 137.50, settling at 1,398.07, and the S&P 500 shed 80.03 points to close at 816.21. More »
Nov 28, 08 12:42 PM CST Stocks gained today despite retailers' dour holiday prospects, because the market has already priced in much of the bad news, MarketWatch reports. Amid very light trading, the Dow gained 102.43 points to close at 8,829.04, extending its positive streak into a fifth day. "There's a bit of confidence returning," said an economist. "This market has discounted a lot of negative news." The Nasdaq eked out a 3.47-point gain, closing at 1,535.57, while the S&P 500 rose 8.56 to settle at 896.24. More »
Nov 26, 08 3:20 PM CST The markets extended a winning streak into a fourth session today, despite mostly dismal economic data, the Wall Street Journal reports. Consumer spending and orders for durable goods fell over the last month, but the Dow closed up 247.14 points at 8,727. The Nasdaq rose 67.4 points to close at 1,532, and the S&P 500 gained 30.28 points, settling at 888. More »
Nov 25, 08 3:16 PM CST Stocks were mixed today, as enthusiasm over the Fed’s plan to get banks lending was tempered by a downward revision to third-quarter GDP and a drop in a home-price index, the Wall Street Journal reports. The Dow rose 36.47—its third consecutive up session—to 8,479.86. The Nasdaq fell 7.29 to settle at 1,464.73, while the S&P 500 rose 5.60, closing at 85741. More »
There is a sense today that the financial landscape has changed irrevocably. - Peter Dixon, Commerzbank
Financial Crisis • Dow Jones • S&P 500 • Nasdaq • Lehman Brothers • Merrill Lynch • AIG
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