The worst was saved for foreign stocks, with Asia and European indices off 5-10%.
In the third-best day in the Dow's history, worldwide markets gained over 10% across the board.
After a dramatic, 600+ point drop, the Dow found positive territory, only to end down 128, at 8,451. All told, this was the worst week in the history of the Dow, down 18.2%. S&P 500 also ended down 18.2% on the week.
Dow down 7.33%, ninth worst day on a percentage basis in the history of the index. It would take a 16.5% reversal to regain 10,000. Indices off 40% from last year's all time highs. Would you like fries with that?
Nouriel Roubini's rgemonitor.com offering free memberships to the masses during times of economic crisis. Roubini is one of the world's leading economists, who warned about this crisis early in 2004.
The Senate passed the finance bailout bill 74-25, leaving passage up to the House, where the bill failed just two days ago. It's recent modifications are cosmetic, but it is likely to make it through the House. It is unclear whether the bill is enough to avoid a serious downturn.
All major US stock indices dropped by over 5% after the House of Representatives defeated the $700 billion bailout bill. Congress is likely back at the negotiating table.
The FDIC announced that Citigroup will acquire the banking operations of Wachovia for $2.1 billion. The terms are interesting in that, while over $300 billion in loans are to be assumed by Citigroup, the FDIC assumes any risk above $42 billion. In turn, the FDIC receives warrants and preferred stock to the tune of $12 [...]
JP Morgan buys seized Washington Mutual for $1.9 billion from FDIC.
Treasury Secretary Paulson's bailout plan for the banks has a catch: it has to make it through congress. And congress has to deal with the public, so the likelihood of a "clean bill," as Paulson puts it, is weighing heavily on equity markets.
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