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November 22, 2008 12:15:14 PM CST

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Mild Losses as Street Waits

Posted Oct 1, 08 3:47 PM CDT in Business 

(Newser) – Stocks closed with only mild losses during a volatile session today as traders closely watched Capitol Hill mull over the bailout plan, the Wall Street Journal reports. The Dow closed down 19.59 at 10,831.07. The Nasdaq lost 22.48, closing at 2,069.40, while the S&P 500 dropped 5.30 to close at 1,161.06.

“Given the political capital invested by all sides, we think that ultimately a deal will be reached,” one analyst said, a reflection the market’s general consensus. The hope that the bailout will bring stability helped soften poor economic news: The Institute for Supply Management’s index of manufacturing activity fell more than expected, to 43.5% from 49.9% in August—with less than 50% signaling contraction.

Sources Wall Street Journal, MarketWatch

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Traders crowd the post that handles National City Corp. on the New York Stock Exchange floor today.   (AP Photo)
The screens of specialist Thomas Ebner are reflected in his glasses he works on the New York Stock Exchange floor, Wednesday Oct. 1, 2008.   (AP Photo/Richard Drew)
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The economy is slipping at full speed ahead. We seem headed toward some resolution of the credit crisis, but the market is having to deal with some unpleasant realities regarding other parts of the economy. - Peter Cardillo, Avalon Partners

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