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December 2, 2008 3:39:53 AM CST

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Stocks Reverse Gains, Dive

Posted Oct 16, 08 10:49 AM CDT in Business 

(Newser) – Stocks reversed their early gains to plunge downward today, with the Dow dropping as much as 324 points, the Wall Street Journal reports, after being up 140 earlier in the morning. The S&P was down 1.9%, thanks largely to a 6% slide in its consumer-staples sector, while the Nasdaq fell 2.8%. All rebounded slightly before noon but remained in negative territory.

“The question of whether or not there is going to be a recession is moot at this point,” said one strategist. “It's just a matter of saving yourself some pain in your portfolio of stocks, bonds, and everything else.” Credit markets showed signs of life, with interbank lending rates improving. The overnight rate tumbled to 1.9375%, bringing it closer to the Fed’s 1.5% target.

Source Wall Street Journal

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The stock market has behaved much like a rollercoaster.   (Getty Images)
A specialist rests his head in his hand as he works on the floor of the New York Stock Exchange today.   (AP Photo)
Traders work on the floor of the New York Stock Exchange Thursday, Oct. 16, 2008.   (AP Photo/Richard Drew)
After ticking up 140 after the open, the Dow was down as much as 324 before points before rebounding toward noon.   (Getty Images)
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