Closing Bell: 08.09.07

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Today's ding brought to you by the Financial Times
Today in the market: Yeah, that whole credit thing may be more dead than we previously thought we had greatly exaggerated the death of...or something. With Bush and the Fed no longer in denial about the credit situation, sort of, the market reacted by dropping almost 3%. Specifically, the Dow finished down 2.8%, the S&P down 3.0% and the Nasdaq down 2.2%. The bright spot was that no sector is particularly envied today, as all 10 economic sectors tracked by the S&P were trading lower at the day's end.
Rumors that Goldman Alpha is down a bajillion percent this month (or just taking losses now and liquidating positions to "alter its risk profile" to avoid a future bloodbath) sent the Masters of the Universe down 5.7%. The undisputed master of the financial sector sell-off is Bear, however, which finished down 5.8%.
Central banks are trying to relieve the pressure. The ECB injected 95 billion euros into money market funds, followed by the Fed issuing a $12 billion one-day repurchase agreement. Federal funds futures signal a 100% chance of a rate cut in September.
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