Update: The market rebounded ever so slightly, with the Dow finally ending down about 258. At one point it was down over 300 points.
Everyone was in the red today. Some particularly big losers included GM, obviously, which fell over 25% and the insurers, which we discussed this morning. Lincoln National (LNC) ended down 38%.
Bank of America (BAC) finished down 16%.
Original post: Are money managers looking to lock-in modest profits at the quarter draws to a close?
Whatever it is, the rally has come to a screeching halt, with the major indices all of around 4% and the Dow down over 309 points to 7466.90.
It’s certainly not hard to find bad news out there, whether it’s jitters over the G20 or the fact that any profitability at the banks may have simply been the result of the shady AIG bailout.