After spending most of the day in “stronger-than-expected” territory, the DOW cratered in the last two hours of trading. On the whole, given that one major brokerage firm went bankrupt and another rushed to sell itself to avoid collapse, a 500-point fall (-4.4%) isn’t that bad.
That said, other than the usual violent bear-market rally, it’s hard to see the market’s direction changing, especially now that AIG is now on death’s door.
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