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The Dow decreased 7% closing at 10365, the Nasdaq was down 9.1% to finish at 1984, and the S&P was down 8.8% to finish at 1106. Pacing the way lower were financials including Thrifts and Mortgages -30%, Regional Banks -24%, Asset Management -20%, Diversified Banks -18%, Consumer Finance -17%. Today's movement came from higher than avg. volume (NYSE 1.4; Nasdaq 1.3), with decliners outpacing advancers (NYSE 16:1; Nasdaq 6:1), and with new lows outpacing new highs (NYSE 63:1, Nasdaq 41:1).
As I mentioned in the comments of the previous post, the weekend edition of IBD said that the markets were in a confirmed rally. Be careful what you read, this is a global credit crisis and the bailout package when it finally materializes will likely be too little, too late.
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