Traders really need this weekend after stocks swung in a 1,000 point range on the Dow Jones Industrial Average. The stock market fell 696 points in the first 15 minutes but managed to recover and even trade above the open. At the end of the day, the market closed down 128 points, to 8,451. Nasdaq ended slightly up, +0.27%, while the S&P 500 ended -1.18% down.
Knight Equity Trading's Peter Kenny told CNBC, "We're seeing asset classes across the board being sold--commodities, energy, equities, bonds, you name it. Everything is being sold. That's a sure sign that we're reaching some sort of tipping point in the market and market psychology." Some banking stocks--Wachovia, JP Morgan Chase, Wells Fargo and Citigroup--were up as were GE (profit was in line with market expectations), Apple and eBay.
More: Bloomberg News reports that the S&P 500 "capped its worst week since 1933 and the Dow since 1914," Treasury Secretary Henry Pauslon looks like he is going to inject capital in banks, and Dealbreaker considers Warren Buffett's $5 billion investment in Goldman Sachs ("Remember when the mainstream media was fawning over the multi-millions Warren Buffett had made in 48 hours with his investment in Goldman Sachs?").