Up Day Still Means Down Week

WaMu spooks markets, but optimism over bailout remains strong
By Nick McMaster,  Newser Staff
Posted Sep 26, 2008 3:47 PM CDT
Abdullah Gul, second from bottom right, president of Turkey, visits the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks lost value for most of today’s session as progress slowed on the Wall Street bailout plan, but turned sharply higher in the last few trading hours, MarketWatch reports. Despite mixed gains today, all indices saw losses during a tumultuous week. The Dow gained 121.07 to 11,143.13. The Nasdaq lost 3.23, closing at 2,183.34, while the S&P 500 gained 4.09 points to close at 1,213.27.

The failure and sale of Washington Mutual clearly weighed on traders minds as an example of the consequences of late or too-little action by Congress, as did a downward revision of second-quarter GDP to 2.8% from 3.3%.

  • For the week, the Dow fell 2%, the Nasdaq lost 4% and the S&P 500 lost 3.2%