The Dow dropped 348 points (3.22%) and the Nasdaq and S&P 500 both dropped over 4% today as jobless claims rose to their highest level since September 2001, GE fell 10% after selling $12 billion of stock and investor waited for the House to pass the bailout package. Stifel Nicholas Capital Markets managing director Tom Schrader told CNBC, "I think economic worries are starting to settle in. Wall Street is starting to worry that the more credit dries up the longer it's going to take to reverse the negative consequences of what we've already seen." In other news, Bank of America is suing Lehman Brothers for $500 million!
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