Dow Down 242 on Auto Doubts

Uncertainty over bailout details gives rally a flat tire
By Harry Kimball,  Newser Staff
Posted Dec 9, 2008 3:27 PM CST
A trader on the floor.   (AP Photo)
camera-icon View 4 more images

(Newser) – Yesterday’s gains in the market, buoyed by the probable Detroit bailout, slipped away today as details remained uncertain, the Wall Street Journal reports. Though investors are still optimistic about the president-elect’s infrastructure initiative’s impact on raw goods and energy, that sector couldn’t carry the market. The Dow was down 242.85, to 8691.33; the Nasdaq was off 24.40, to 1,547.34; and the S&P fell 21.03, ending at 888.67.

Winners amid the downturn included Sony, whose stock rose about 2% after an announcement the company would cut jobs and shutter factories. Investors still seem wary of the markets, however, preferring to store cash in government bonds: today, the Treasury sold $30 billion in four-week notes at 0% interest.