After Dow tumbled to almost 12K (down 200), it rallied in the PM. Bargain hunters brought Dow back to "only" a 45 point loss. The tricky part is trying to assess the concept of "feeding the ducks," i.e. are savvy investors selling into rallies? Decliners led advancers 2-1 while NAZ squeaked out a gain. Oil remained near 102 & the effects of it's record price is starting to weigh heavily on the markets.
Citigroup (C), a Dow stock, was down 99¢ to the lowest level in 9 years on worries it needs to raise even more money. Can you spell, uh-oh? This is after raising $12½B just a few weeks ago. After losing a key officer, Google (GOOG) was down 12 to a 52 week low, first time they've had to deal with that. Ambac (ABI) was up 78¢ as it moves towards a deal to raise capital aimed at keeping their AAA credit rating not to mention surviving. Mortgage mess has become an even larger worry & may be a key driver in the markets for the next few days.
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