Street Tumbles At Midday
Dec. 20
The tech-driven Nasdaq remained in positive territory, up 9 points, or 0.3%, to 2,610, while the Dow Jones industrial average fell 29 points, or 0.2%, to 13,178, and the broader Standard & Poor's 500 sank 4 points, or 0.3%, to 1,449. Even after the horrific report, which missed the $1.79 per share loss estimate by a significant margin, Bear shares started the day more than 2% higher before slipping to $89.70, down 90 cents, or 1.0%, by midday. Treasury prices had rallied Wednesday after S&P cut its credit rating on bond insurer ACA Financial, and there was more bad news from the sector on Thursday. Thursday after reporting stellar second-quarter earnings after Wednesday's close.
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