Street Watches Hill; Stocks Fall

Investors worry about Congress delaying bailout; home prices decline 0.6% in July
By Nick McMaster,  Newser Staff
Posted Sep 23, 2008 3:23 PM CDT
Traders crowd the post that handles Capital One on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
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(Newser) – Stocks traded sharply lower at the end of today’s roller-coaster session as investors watched lawmakers balk at quickly enacting the financial bailout plan, the Wall Street Journal reports. The Dow fell 161.52 to close at 10,854.17. The Nasdaq lost 25.64, closing at 2,153.34, and the S&P 500 shed 18.87, settling at 1,188.22.

Traders remain nervous that dissatisfied congressmen will stall passage of the bailout. Oil lost $2.76 but remained sharply higher for the week after yesterday’s record surge. US home prices declined by 0.6% in July, leading to losses for builders like Lennar Corp, which lost 7.7%. On the Dow, American Express bucked the trend for financials with a 2.65% gain.