Stocks ended mixed today as a rally on the news of a White House bailout for the auto industry fizzled over concerns for the larger economy, MarketWatch reports. General Motors led advancing stocks with a 22.7% gain, and the Dow closed up 25.88 at 8,579.11. The Nasdaq gained 11.95, closing at 1,564.32, while the S&P 500 rose 2.60, to settle at 887.88.
Financial stocks were hit hard by a wave of downgrades from S&P. Among the firms that had their credit ratings reduced were Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. Of those, only Goldman shares gained value.
- For the week, the Dow fell 0.6% the Nasdaq rose 1.5%, and the S&P 500 gained 0.9%.