Financial stocks got torn a new one, again. GE fell below $10 and Citi (C) ended down 22%. Bank of America (BAC) ended down only 2.5%, which is pretty amazing since at one point it was down about 30%.
All day, the “n-word”, nationalization was on everyone’s mind. In the afternoon, the White House came out with some real wishy washy statements about supporting a private banking sector.
Winners: Tech. The NASDAQ was down by about 1 point, which is the new up.