The markets opened sharply lower with the Dow tumbling nearly 700 points in the opening minutes of trading before retracing to 8350, down more than 200 points. Nasdaq lost a more modest 19 points to 1625.
On the upside
General Electric (NYSE: GE) posted a smaller profit that met lowered expectations. The conglomerate managed to report a profit at its troubled GE Capital unit.
Wachovia Bank (NYSE: WB) ended up in the hands of Wells Fargo (NYSE: WFC) whose $15 billion all-stock offer topped a joint rescue effort by Citigroup (NYSE: C) and regulators.The market capitalization of Google (Nasdaq: GOOG) briefly fell below $100 billion before bargain hunters stepped in.
On the downside
Credit ratings agency Moody's Investors Service placed a negative outlook rating on Goldman Sachs (NYSE: GS).
Shares of Morgan Stanley (NYSE: MS) tumbled again on worries that Mitsubishi UFJ may revise the terms of its investment into the troubled investment banker.
In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 491.
