Stocks Flat Amid Bailout Wait

Housing sales decline; Buffet boosts Goldman
By Nick McMaster,  Newser Staff
Posted Sep 24, 2008 3:25 PM CDT
A trader scurries to a post as he works on the floor of the New York Stock Exchange.   (AP Photo)
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(Newser) – Stocks swung between gains and losses today as the proposed financial bailout continued to dominate conversation but remained unsettled. The technology-rich Nasdaq was more insulated from the swings, and closed up 2.35 at 2,155.68. The Dow lost 29.00 to close at 10,825.17, while the S&P 500 shed 2.35, settling at 1,185.87, the Wall Street Journal reports.

“I don't think the market is fearful that it won't happen,” one trader said of the bailout. “But the question is the aftermath. Will it work?” Financials traded generally lower, except for Goldman Sachs, which traded up 3.94% on the news of Warren Buffett’s $5 billion cash infusion. AIG, meanwhile, plummeted 33.06% as it confirmed it would take the government’s $85 billion, having failed to find private financing.