Bailout, Oil Send Dow Down 372

Traders nervous about long-term effects
By Nick McMaster,  Newser Staff
Posted Sep 22, 2008 3:26 PM CDT
LeBranche specialists Michael Taylor, left, Al Hayward, center, and James Denaro look at their screens as they work on the floor of the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks plummeted today as uncertainty over the cost and long-term impact of the Wall Street bailout plan spread and oil surged, MarketWatch reports. Treasuries and the dollar fell as traders worried the bailout’s cost could affect the government’s status as a borrower. The Dow closed down 372.75, at 11,015.69. The Nasdaq lost 94.92, closing at 2,178.98, and the S&P 500 lost 47.99, closing at 1,207.09.

Financials weighed on the Dow as JP Morgan Chase fell 13.26% and American Express dropped 8.32%. Microsoft’s announcement of a huge stock buyback allowed it to barely buck the larger market, with shares holding on to a roughly 1% gain. Chevron and Exxon both fell about 1%, their losses held in check by the $16.37 surge in oil.