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Markets Cling to Stable Condition

Posted Aug 10, 07 3:33 PM CDT in Gossip,  Business 

(Newser) – Major US indexes reeled today, after a wild seesaw session in which a Fed bailout rescued Wall Street from a veritginous selloff this morning. The Dow closed at 13239.54, down 31.14, after initial rumors of a broad but blurry liquidity crisis crashed it over 100 points in early trading. The Nasdaq fell 11.60 to close at 2544.89; the S&P was off 2.40 at 1455.50.

The Fed dumped another $38B in three injections into the credit sector to make sure traders could cash out; the move, along with gossip about an emergency interest-rate cut, actually moved indexes into positive territory for a brief period of the afternoon. But a Cassandra-like report from Countrywide on the teetering mortgage market, combined with volatile numbers from Asia and Europe, were enough to keep losers dominant over winners almost 2 to 1.

Source Wall Street Journal

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The Countrywide Banking and Home Loans office in Glendale, Calif. is seen in this April 26, 2007 file photo. Countrywide Financial Corp.'s profit shrank by nearly a third in the second quarter as a slumping...   (Associated Press)
The Times Square news ticker displays financial headlines on Friday, August 10, 2007 in New York. U.S. stocks moved toward another sharply lower open Friday after Thursday's huge sell-off and as bank...   (Associated Press)
The Times Square news ticker displays financial headlines on Friday, Aug. 10, 2007 in New York. U.S. stocks moved toward another sharply lower open Friday after Thursday's huge sell-off and as bank regulators...   (Associated Press)
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Dow Jones • stock market • S&P 500 • Federal Reserve • Nasdaq • subprime mortgages • credit market • Countrywide Financial


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