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Wall Street ended its worst week in seven years with another tumble on Friday...
Wall Street capped its worst week in seven years with a late day selloff as traders briefly celebrated the House's approval of the Wall Street bailout, then yanked their positions ahead of the weekend.
For the week ending Friday, October 3, 2008, the major U.S. Indices declined steeply on continued uncertainties over the financial bailout / rescue plan, concerns in the credit markets and more economic deterioration.
What happened to our rally? Stocks rallied going into the vote. The rescue bill passed a little after 1 pm ET, floor traders broke into applause and then spent the next half hour processing sell orders.
Stocks hovered around the flat line Friday afternoon after the House approved the revised $700 bailout bill for Wall Street. Apple shares recovered as did shares of Hartford and other insurers.
In a live interview minutes after the House of Representatives passed the bailout bill, Warren Buffett told CNBC's Becky Quick that the measure is not a "panacea." While the rescue package will provide some tools to deal with the financial crisis and prevent what could have been a far worse situation, Buffett predicted that it will be quite a while before the economic recession bottoms out.
Stocks rallied Friday as investors pinned their hopes on the House passing the bailout bill today. Apple shares recovered after the company denied a rumor about Jobs' health.
That's not Wall Street! Here's the headline of the day: California might need emergency loan of $7 billion--unable to access routine short-term loans.
Futures pointed to a higher open on Wall Street Friday after the September employment report showed payrolls were cut more than expected, something that is likely to ratchet up pressure on the House to pass the bailout bill when it votes later today.
Want graphic evidence of how confused traders are? Stock futures rallied for a couple minutes on the Wells Fargo/Wachovia deal, then quickly dropped. Futures dropped again as non-farm payrolls came out below expectations, then rallied back a few minutes later.
The latest overall job loss numbers showed a loss of 159,000 jobs in September while the unemployment rate remained at 6.1%, close to a five-year high. This is the largest payroll drop since March 2003. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
You can’t say Warren Buffett doesn’t have “imagination at work.” The billionaire investor is putting his money behind one of the largest companies on the planet.
Which way is the market headed -- and for which sectors? Craig Columbus and Michael Farr offered CNBC their investment insights.
If the current financial crisis were a college basketball tournament, then you'd have to wonder who makes the final four.
The Dow roared back Tuesday, as investors bet Washington would revive a plan to stabilize the financial sector.
All major U.S. Indices end the third quarter on a historic note. The Dow and S&P 500 had their fourth consecutive quarterly drop, tumbling 4.40% and 9.01% respectively. The NASDAQ Composite fell the most among the major Indices for the quarter, down 9.19%.
A small but very vocal minority of the trading community continues to insist that the TARP bailout plan should not be passed. So what IS their plan?
The House rejected the Wall Street bailout bill and the market screamed, selling off frantically until the Dow was left with its biggest one-day point drop ever. "This is panic and ... fear run amok," Zachary Karabell, president of River Twice Research told CNBC. "Right now we are in a classic moment of a financial meltdown," he said.
This depositor backstop could be our only line of defense until Congress can pass a bailout bill.
The market screamed as the House vote on the Wall Street bailout bill teetered on the edge of a cliff — and then fell off. At one point, the Dow was down more than 700 points -- its second biggest intraday move on record.