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Stagnation adds to fear Friday.
US stock markets open lower on two sobering developments: a meeting at the White House with key lawmakers, including presidential candidates John McCain and Barack Obama, ends without agreement on the $700 billion financial rescue plan; the U.S. shuts down Washington Mutual, America's biggest savings and loan, wiping out its stock. JPMorgan Chase [JPM
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The bailout stalemate takes its toll, as shares of Wachovia and National City tumble on worries about heavy mortgage losses, despite each firm having other, profitable businesses.
What You Were Reading:
- $700 Billion May Not Be Enough: Dr Doom
- Charts: Small Caps Falling — Hard
- JPMorgan Buys Failed WaMu Assets for $1.9 Billion
Freddie Mac [FRE
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] says its investment portfolio fell sharply in August prior to its takeover by the US government in early September.
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] , Bank of America [BAC
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], American Express [AXP
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] and Citigroup [C
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]. The
S&P 500 ekes out a gain but the
Nasdaq finishes down as Research In Motion's [RIMM
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] outlook rattles investors.
What the Experts Were Saying:
Michael Darda of MKM Partners dissects the new wave of fear gripping the credit markets today.
Washington Mutual employees are wondering who JPMorgan will keep on. Mary Thompson and Jane Wells report.
Another wild week: Courtney Reagan reviews the top business and investing stories.
- A diet high in fat and sugar might actually be good for your portfolio.
- Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
- From the AIG&T to the Merrill Lychee, Jane Wells lists this year's fashionable holiday cocktails.
- One shopper explains why – aside from the prices – he gets up at 3am on the day after Thanksgiving to go shopping every year.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
Data is a real-time snapshot *Data is delayed at least 15 minutes