Wall Street ends lower; Dow down 122 points while Asia trading firm; Hang Seng, Nikkei up
US stocks tumbled once again led by weakness in banks, but closed positive for the second week, the first consecutive weeks of gains for the Dow since May. A wave of selling pressure sent stocks into negative territory in the second half of the session after a choppy first half. Trading volumes remained high. The headline event of the session, a speech by Ben Bernanke on the financial system, didn't give the market any big surprises. Bernanke said that the issues of “Too-Big-To-Fail” companies need to be addressed. The Dow industrials shed 122.42 points, or 1.7%, to 7,278.38. The S&P 500 index slid 15.50 points, or 2%, to 768.54 and the NASDAQ composite index fell 26.21 points, or 1.8%, to 1,457.27.
US stocks tumbled once again led by weakness in banks, but closed positive for the second week, the first consecutive weeks of gains for the Dow since May. A wave of selling pressure sent stocks into negative territory in the second half of the session after a choppy first half. Trading volumes remained high. The headline event of the session, a speech by Ben Bernanke on the financial system, didn't give the market any big surprises. Bernanke said that the issues of “Too-Big-To-Fail” companies need to be addressed. The Dow industrials shed 122.42 points, or 1.7%, to 7,278.38. The S&P 500 index slid 15.50 points, or 2%, to 768.54 and the NASDAQ composite index fell 26.21 points, or 1.8%, to 1,457.27.
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