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TUESDAY, NOVEMBER 24, 2009
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 MARKETS 
2

Dow Falls 92, Ends Below 10,000

Analyst's Wells Fargo cut has far-reaching impact

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(Newser) – Stocks tanked today in the final hour of trading after renowned analyst Dick Bove downgraded Wells Fargo to “sell.” The bank had posted $3.2 billion in third-quarter net income, but it also reported rising loan delinquencies. Home Depot, Merck, and Boeing all saw losses as the broader market pulled back. The Dow fell 92 points to close at 9,949. The Nasdaq lost 13 points, closing at 2,151, and the S&P 500 fell 10 points to settle at 1,081, the Wall Street Journal reports.

Trader Walter Lundon, right, works on the floor of the New York Stock Exchange Tuesday, Oct. 20, 2009.
Trader Walter Lundon, right, works on the floor of the New York Stock Exchange Tuesday, Oct. 20, 2009.   (AP Photo/Richard Drew)
Trader Terence Toal, right, works on the floor of the New York Stock Exchange Wednesday, Oct. 21, 2009.
Trader Terence Toal, right, works on the floor of the New York Stock Exchange Wednesday, Oct. 21, 2009.   (AP Photo/Richard Drew)
Specialists Louis Spina, left, and Evan Solomon, second left, work at a post on the floor of the New York Stock Exchange Wednesday, Oct. 21, 2009.
Specialists Louis Spina, left, and Evan Solomon, second left, work at a post on the floor of the New York Stock Exchange Wednesday, Oct. 21, 2009.   (AP Photo/Richard Drew)
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When Bove downgraded Wells to sell, that just took the entire market down. - Dave Rovelli, Canaccord Adams

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2 comments
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Netstorm2k9
Oct 21, 09 3:32 PM CDT
AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!! Sorry, a bug landed on me. Reply
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guanlob
Oct 21, 09 4:19 PM CDT
On the bright side, we can celebrate when it reaches 10,000 yet another time! Those "10,000" caps MSNBC invested on turned out to be a great investment. Reply
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