Closing Bell: 10.02.07

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Financial stocks took a pounding today. The Amex Broker-Dealer Index was down 2.52%. The volume on the stocks of companies such as Merrill Lynch and Citigroup was enormous. Merrill Lynch ended up losing 7.9%. Citi sunk down another 2%. Goldman lost 4.4%. JP Morgan Chase: down 2.6%. Both Goldman and Merrill issued statements trying to reassure investors that stories about misdeeds or losses were untrue but this seems to have only made things worse.
After spending most of the day in the dumpster, the major indexes managed to climb back to close to where they started, which was a couple of ticks below where they began the week. Despite the late afternoon recovery, it’s worth noting that only the Nasdaq Composite Index has seen a net gain this month. he Dow Jones Industrial Average scampered up 27.23, or 0.2%, to 13595.10. The S&P 500 found itself up 1.21, or 0.08%, to 1509.65. The Nasdaq wandered upwards 15.55, or 0.56%, to 2810.38.
Despite the heavy trading in the financial stocks, overall volume was just slightly above the new norm. On the New York Stock Exchange, 1.7 billion shares found new owners.
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