Stocks continued yesterday’s slide today as Congress dashed hopes for quick aid to the Detroit automakers, MarketWatch reports. Henry Paulson also undermined investor confidence by again changing the terms of TARP. The Dow fell 444.99 points to close at 7,552.29. The Nasdaq shed 70.30, closing at 1,316.12, and the S&P 500 lost 54.14 to settle at 752.44.
Paulson said the bailout now wouldn’t pay for any troubled debt securities. Citigroup led the retreat in financials, falling 27.3% even after news that Saudi Arabia’s Prince Alaweed was raising his stake in the bank. Concerns about global demand drove the price of a barrel of oil down $4 to $49.62—the first time it's below $50 a barrel in 3 years.