Financial Journal for October 3 2008
|
Stock Quotes |
9/26/08 Close: |
% Change from Prior Week |
10/03/08 Close: |
|
Dow Jones |
11143.13 |
-7.34, dwn 817.75 pts |
10325.38 |
|
NASDAQ |
2183.34 |
-10.81, dwn 235.95 pts |
1947.39 |
|
S&P |
1213.01 |
-9.38, dwn 113.78 |
1099.23 |
Market Movers:
- Congress swings between yes and no on bailout, market follows
- Wachovia begins talks with Citi
- Buffett invests $3 billion in GE
Important Market Development Summaries:
· Congressional Leaders Reach Agreement on Bank-Rescue Plan. Bloomberg.com. Sept 28, 2008.
o House rejects bailout package, 228-205; Stocks plunge. NYTimes.com. Sept 29, 2008.
§ Dow Drops 348 Points. BusinessWeek.com. Oct 2, 2008. “Weak economic reports spark concerns about a recession as investors also worry about Friday’s House vote on bailout package.”
· Stocks close down on recession fears. NPR.org. Oct 3, 2008. “U.S. stocks closed down on Friday, as fears the economy will not be able to avoid a recession overshadowed the effects of the $700 billion financial rescue package signed by President Bush.”
· GE announces $12 billion stock offering; Investment of #3 billion by Warren Buffett. Oct 1 2008.
· Wachovia begins early deal talks with Citi. Sept 26, 2008.
o Citigroup Purchases Wachovia Banking Operations. CBS5.com. Sept 29, 2008.
§ Wells Fargo, Citi spar over Wachovia sale. CBS3.com Oct 3, 2008.