A disheartened Wall Street has suffered its third straight loss, as investors absorbed more dismal corporate reports and news that the government won't buy banks' soured mortgage assets after all.
The Dow Jones industrial fell about 410 points to the 8,283 level, and all the major indexes fell more than 4 percent.
Macy's Inc. reported a sharp drop in sales, Best Buy Co. slashed its 2009 outlook on fears that consumer spending will keep eroding, and Morgan Stanley outlined plans to cut 10 percent of staff in its institutional securities group.
Meanwhile, Treasury Secretary Henry Paulson said the government's $700 billion financial rescue package won't be purchasing banks' troubled assets, and will instead buy stakes in the banks.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus