Dow Plunges 382 Points

Geithner's rescue plan lacks sufficient detail to reassure investors
By Nick McMaster,  Newser Staff
Posted Feb 10, 2009 3:14 PM CST
Trader Andrew O'Connor watches the numbers as he works on the floor of the New York Stock Exchange, Tuesday, Feb. 10, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks plummeted today as investors found Timothy Geithner’s description of the bank rescue plan too broad to spur a revival in financial stocks, MarketWatch reports. Analysts criticized Geithner’s announcement for failing to sufficiently describe the role of private capital in the rescue. Citigroup and Bank of America both lost at least 13%. The Dow fell 381.99 points to close at 7,888.88. The Nasdaq dropped 66.83 points to 1,525.73, and the S&P 500 lost 42.73 points, settling at 827.16.