Dow Down 41; Tech Rises, Banks Fall

Financial sell-off follows Fed's move, sends markets plummeting

(NEWSER) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65 to 11,951.09, the Nasdaq 51.12 to 2,212.49, and the S&P 500 27.34 to 1,288.14. More»

Dow sees triple-digit rise

(NEWSER) - Is the panic over on Wall Street? The Dow shot up around 131 points, and the S&P and Nasdaq were up 13.5 and 26.2 as of 9:39am EST. Part of the gain came from Google’s blockbuster acquisition of Motorola , which sent the latter’s stock up 60%, according to the Wall Street Journal . Traders were also watching two other major deals—Time Warner is reportedly close to an agreement to buy Insight Communications, and Bank of America sold its credit card portfolio to Toronto-Dominion Bank. More»

Google, AmEx drop despite positive earnings reports

(NEWSER) - Strong earnings just weren't enough to buoy the markets today, as Google and American Express saw big declines despite strong quarterly reports. Goldman Sachs and other financials also posted losses due to fear over President Obama's new restrictions on banks, the Wall Street Journal reports.

• The Dow lost 216.90 points to close at 10,172.98.
• The Nasdaq fell 60.41, dropping to 2,205.29.
• The S&P 500 shed 254.72, settling at 1,091.76.

GE, financials gain; Fed shows industrial activity up for August

(NEWSER) - Stocks rallied today, with all three major indices hitting their highest levels of the year, the Wall Street Journal reports. GE surged 5.69%, AmEx 3.06%, and BofA 2.80% on good data: Industrial production gained 0.8% in August, and the Labor Department’s consumer-price index rose 0.4%. The Dow closed up 108 points at 9,791, Nasdaq added 30 points to 2,133, and the S&P 500 rose 16 points to 1,069. More»

Big gains for major banks ahead of earnings reports

(NEWSER) - Stocks staged a broad rally today as financials soared ahead of earnings reports, the Wall Street Journal reports. Bank of America surged 9%, while Citigroup and JP Morgan Chase rose 6.9%. General Electric, which will also report its second-quarter earnings this week, rose 6.1%. The Dow closed up 185.16 at 8,331.68. The Nasdaq added 37.18 to 1,793.21, and the S&P 500 rose 21.92, settling at 901.05. More»