Stocks Sink, Yet End Week Up

More ugly news makes for yet another volatile day
By Nick McMaster,  Newser Staff
Posted Oct 17, 2008 3:37 PM CDT
The Dow was well into positive territory after plunging at the open, then chugged downward late to end off 127.   (Getty Images)
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(Newser) – Stocks remained volatile and swung lower at the end of the today’s session,as bad economic news convinced investors the financial crisis is not over yet, MarketWatch reports. The Dow closed down 127.04 at 8,852.22, but posted a weekly gain after four weeks of losses. The Nasdaq lost 6.42 to 1,711.29, and the S&P 500 fell 5.88 to settle at 940.55.

Libor interbank lending rates continued to decline modestly, and demand for commercial paper was also slightly stronger, signaling slowly easing credit. But the news of a fall in new-home construction showed housting has more painful correction ahead, and a key consumer-sentiment index plummeted in September.

  • For the week, the Dow gained 4.7%, the Nasdaq rose 3.7%, and the S&P 500 climbed 4.6%