Dow Down 242 on Auto Doubts

Uncertainty over bailout details gives rally a flat tire
By Harry Kimball,  Newser Staff
Posted Dec 9, 2008 3:27 PM CST
Dow Down 242 on Auto Doubts
A trader on the floor.   (AP Photo)

Yesterday’s gains in the market, buoyed by the probable Detroit bailout, slipped away today as details remained uncertain, the Wall Street Journal reports. Though investors are still optimistic about the president-elect’s infrastructure initiative’s impact on raw goods and energy, that sector couldn’t carry the market. The Dow was down 242.85, to 8691.33; the Nasdaq was off 24.40, to 1,547.34; and the S&P fell 21.03, ending at 888.67.

Winners amid the downturn included Sony, whose stock rose about 2% after an announcement the company would cut jobs and shutter factories. Investors still seem wary of the markets, however, preferring to store cash in government bonds: today, the Treasury sold $30 billion in four-week notes at 0% interest. (More Dow Jones stories.)

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