Stocks Drop, $700 Billion Bailout Notwithstanding
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Stocks Drop, $700 Billion Bailout Notwithstanding
Stocks dropped and credit markets remained stressed Friday afternoon, despite House approval of the administration’s $700 billion financial bailout plan.
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(October 3, 2008)—Stocks headed downward and credit markets remained stressed Friday afternoon after President Bush signed the $700 billion financial rescue package that the U.S. House approved a short time earlier.

Investors still have plenty of economic worries, underscored by the Labor Department report telling of 159,000 jobs lost last month.

The Dow fell 157 points to 10,325, down 7 percent for the week.

The S&P lost 15 points to 1,099.

The Nasdaq composite fell 29 points to 1,947.

Declining issues held a nearly 2-to-1 lead over advancers.

Some 6.4 billion shares changed hands on the NYSE.

Nasdaq stock market volume was 2.5 million shares.

Light, sweet crude for November delivery fell 9 cents to settle at $93.88 a barrel on the New York Mercantile Exchange.

Latest Comments

Posted by: TEXASLEGAL on Oct 3, 2008 at 05:10 PM

This 'bailout' will not work. Just a bandaid to slow it down. Just another major waist of taxpayer money. Obama is already saying he will push another bailout for home mortgages when he gets in office. So when do we say enough? It was added in the bill that every american gets a giant 64 0z tub of vaseline. Enjoy.
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