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After treading in positive turf for part of the session, the Nasdaq Composite Index (RIXF) lapsed into the red, ending down 95.21 points at 1,645.12.
Volume on the New York Stock Exchange topped 2 billion, and declining stocks outran those advancing 10 to 1. On the Nasdaq, nearly 1.4 billion shares traded, with decliners surpassing advancers nearly 5 to 1.
In commodities trade, gold fell, with the contract for December delivery dropping $20 to end at $886.50 an ounce on the New York Mercantile Exchange. .
Oil futures for November delivery fell $2.36 to $86.59 a barrel, its lowest closing level so far this year.
Rate cuts
The stock market's continued decline comes one day after the U.S. Federal Reserve, European Central Bank, Bank of England and other central banks made coordinated rate cuts. The moves seemed to make little impact on Wednesday with the Dow industrials dropping 189 points, the Nasdaq Composite falling 14 points and the S&P 500 shedding 11 points.
"Despite the poor close, I do think we are finally at the point where the short-term downside risk is minimal. While the upside might take time to develop, recession, earnings and a credit crisis are discounted," said Marc Pado, U.S. market strategist at Miller Tabak.
"The market could still go down another 10% or so from here just purely on momentum," according to Paul Nolte, director of investments at Hinsdale Associates. Hear Nolte.
According to a report, the Treasury Department is considering a plan to take ownership stakes in many U.S. banks, both healthy and troubled, the New York Times reported, citing unnamed government officials. Treasury Secretary Henry Paulson said in a speech Wednesday that he has the authority to do so under the $700 billion bailout plan.
Britain on Wednesday announced a similar plan, though no U.K. bank as yet has taken government cash.
"If Paulson heeds the advice of [U.K. Prime Minister Gordon] Brown and [ Chancellor Alistair] Darling, the chances that the U.S. economy will be steered away from a deep recession extending through 2009 will be greatly improved," said economists at RDQ Economics.
In a related note, the Fed late Wednesday said it's going to lend $37.8 billion in additional cash to American International Group Inc. (AIG) for domestic life insurance subsidiaries in return for investment grade fixed-income securities.
Stock futures had held an early advance after the Labor Department reported a decline in weekly jobless claims, which fell by 20,000 to 478,000 last week. .
Overseas, Iceland nationalized its largest bank, Kaupthing, as a financial crisis deepened, meaning all three of its key banks are now under government control.
In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again.
A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. .
In Asia, markets ended mixed after a volatile session.
We are in the eye of the storm too, Taoiseach ...
Is it over, or are we just in the eye of ... America, the home of the free market, has been ... The Irish market, along with all the world's markets, crashed and then rebounded, but it ...
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Herb Greenberg » Blog Archive » Straight Talk on the Mortgage ...
When I asked him why somebody from inside the industry ... 20-year veteran of the mortgage industry, who has spent ... Either it will be stock market or housing market. We can ...
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US Stock Markets :: The Market Oracle :: Financial Markets Analysis ...
... pace as can be clearly seen in the chart below: the industrial index has crashed ... Leadership stocks and a count of the Very Weak Stocks in the Broad Market. From this data, we ...
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The Housing Bubble Blog » A Real, True Market Taking Care Of Itself
... the glut of homes on the El Paso market has caused prices to slow down.” “‘There’s so much on the market, so we ... the Vietnamese Class A housing market recently crashed in ...
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Cached
frontline: betting on the market: Tapes & Transcripts | PBS
Today's market, we believe, is there for us, helping to ... Look, here's the plans inside. This is where we're going to live, in ... in in just the last three years as the market has made ...
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Top Stories (Complete List, up to 1000 Stories)
... on Wexford County 9/23/2008 - Bailout Could Mean Hope For Local Housing Market 9 ... and Wife Duo Broke Into Little Traverse Township Home, Assaulted People Inside 8 ... 2008 - DNA Clears JonBenet Ramsey's Family 7/9/2008 - Deputies Say Thieves Crashed ...
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Source: 9&10 News
NewsDateTime: 10/1/2008
September 2008
So if the stock market is down next year, hello massive deficit. If we add another $250 billion for bank bailouts, we're talking about ... It has a power-law distribution. "We found that eighty per cent of the homeless were in and out really quickly ...
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Source: Meganmcardle.theatlantic.com
NewsDateTime: 9/30/2008
2008 (2150)
► January 16 - January 23 (1) The afternoon plenary session of the FRC Washington Briefing was called Lights, Camera, Values in Action . It included speeches from Dr. Ted Baehr, president of MovieGuide, Brad Moore, president of Hallmark Hall of ...
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Source: Dakota Voice
NewsDateTime: 9/30/2008
Extra! UIdaho Student Found Shot to Death
... really need to know if I am alone with this as my sleep pattern has ... Inside was an absolute mess. It was clear we were far from the first to explore, as graffiti covered many of ... protrudes from a shed after the plane, piloted by Bert Wolf, crashed ...
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Source: Spokane Spokesman-Review
NewsDateTime: 9/24/2008
WSJ/NBC Poll: Voters Doubt Palin’s Qualifications to Be President
Wall Street Crisis Campaign 2008 Heard on the Street Market Data Management Health Executive M.B.A. Deals Heard on the Street ... We know he has at least two operations for facial melenoma,a maliginant skin cancer. At his age, 72 (same as mine incidently), I ...
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Source: Wall Street Journal
NewsDateTime: 9/24/2008
In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again.
A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. .
In Asia, markets ended mixed after a volatile session.
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