major malfunction.......
hussein keeps the markets in turmoil.......that's some leadership
there......
Stocks tumbled to late November levels Thursday, led by banks, as
investors worried the stimulus plan wouldn't be enough to help the
economy.
Major U.S.
Indexes.DJIA7841.97-97.56-1.23%606,985,000.NCOMP1530.750.25+0.02%437,398,500 .SPX825.0-8.74-1.05%2,075,727,700
The first rise in retail sales in seven months had buoyed futures but
traders shrugged it off as regular trading got underway, sending the
Dow Jones Industrial Average down more than 150 points. The blue-chip
index was trading below 7,800, a level it hasn't seen since Nov. 21.
The market got a mild bounce Wednesday from news that the Senate had
agreed on a stimulus plan but Wall Street wasn't convinced of the
plan's ability to jump-start the economy.
Financials including Bank of America [BAC 5.69 -0.38
(-6.26%) ], Citigroup [C 3.53 -0.16 (-4.34%) ], American
Express [AXP 15.64 -0.72 (-4.4%) ] and JPMorgan [JPM 24.95
-1.14 (-4.37%) ] were the biggest drag on the Dow as this so-called
"stress test" for banks stressed out investors worried about stock
dilution.
After U.S. bank bailouts had disastrous effects for shareholders,
shareholders of Belgian bank Fortis staged a rare revolt against the
government's bailout plans, rejecting the proposed $20 billion sale of
the bank to France's BNP Paribas. Fortis, which was taken over by the
government in October, is widely held by Belgian citizens, the Wall
Street Journal reported this morning.
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