Stocks tanked today despite the recent bailout and the likelihood of a interest-rate cut. The Dow sank over 500 points and the Nasdaq continued to get beat-up by the ongoing bear market. Here's today's ugly numbers
Dow: -508.39 points (-5.1%) to 9,447.11
Nasdaq: -108.08 points (-5.8%) to 1,754.88
S&P 500: -60.66 points (-5.7%) to 996.23
Marketwatch quotes Tony Crescenzi, chief bond market strategist at Miller Tabak & Co., who says investors are "clamoring for interest rate cuts."
Equities remained sharply lower as minutes from the Federal Reserve's last formal meeting revealed rate cuts were put on the table at the mid-September gathering, and after Fed Chairman Ben Bernanke in a speech opened the door for a possible interest-rate cut soon.
"Despite its scale, the Federal Reserve's massive injection of financial liquidity of late and its announcement of a new facility that will purchase commercial paper is not registering with investors who appear to be clamoring for interest rate cuts instead," said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co.
