The Fed acted and markets spoke. In an accent that would make Fran Drescher cringe. A 500 point cringe.
WSJ: Frightened investors took no comfort in regulators’ continued efforts to stanch the credit crisis and sent stocks to more steep losses, led by the financial sector.
The Dow Jones Industrial Average rose nearly 170 points at its morning high but slumped to finish lower for a fifth consecutive day, with the selling gaining momentum as the closing bell approached.
The Dow finished near its daily low, off 508.39 points, down 5.1%, at 9447.11. It was led down by a 26.2% plunge in shares of component Bank of America, which is cutting its dividend and seeking $10 billion in capital. J.P. Morgan Chase and Citigroup also saw declines of more than 10% each. The Dow has plummeted more than 1400 points, or 13%, during its five-day losing streak.
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