The markets extended its losses during the midday with the Dow plunging 170 points to 11,218 as investors await further details about the $700 billion government bailout plan. Nasdaq skidded 44 points to 2230.
On the upside
Wary investors sought refuge in precious metals to lift silver prices higher. Shares of Silver Wheaton (NYSE: SLW) climbed.
On the downside
Shares regional banks Regions Financial (NYSE: RF) and Marshall & Ilsley (NYSE: MI) fell as investors digest the government's $700 billion bailout plan.
The Wall Street Journal reported that potential suitors of Washington Mutual (NYSE: WM) are insisting that the government provide assistance to facilitate a deal.
Friedman, Billings, Ramsey analyst James Abbott downgraded Sovereign Bancorp (NYSE: SOV) after the company reported $254 million in unrealized losses from the sale of its portfolio of collateralized debt obligation.In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 21 points to 732.