Dow Falls 92, Ends Below 10,000

Analyst's Wells Fargo cut has far-reaching impact
By Nick McMaster,  Newser Staff
Posted Oct 21, 2009 3:06 PM CDT
Trader Walter Lundon, right, works on the floor of the New York Stock Exchange Tuesday, Oct. 20, 2009.   (AP Photo/Richard Drew)
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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.