Filed under: After the bell, Major movement, Bad news, Industry, Boeing Co (BA), duPont(E.I.)deNemours (DD), Washington Mutual (WM), Genentech Inc (DNA), S and P 500, DJIA, Bear Stearns Cos (BSC), NASDAQ
It was looking like we were about to have a good day at about 8:35 EST this morning after seeing flat CPI. But the day ended up long enough and bad that it feels like that CPI report came out a week ago because it was such a long day.
But today was all about Bear Stearns (NYSE: BSC), and you’ve already heard the news. If you have ever wondered what a run on the bank looks like and what a major institution on verge of implosion looks like, you just saw it today. Bear Stearns closed down over 45% to $30.85 on over 185 million shares. Free marketeers don’t want a bailout.
It’s bad enough out there that even someone out of the National Bureau of Economic Research is worried about a severe recession. If you want any good news on the day, it would be that the market didn’t close on lows and it wasn’t widespread panic falling out into every sector.
- DJIA 11,951.09 (-194.65; -1.60%)
- S&P500 1,288.14 (-27.34; -2.08%)
- NASDAQ 2,212.49 (-51.12; -2.26%)
- 10YR-TBond 3.4210% (-0.113%)
- The VIX closed at 31.16, up 3.87
- List of 52-week lows was a monster long list.
Continue reading Closing Bell: The good news was the closing bell
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