The markets closed lower despite retreating oil prices after Federal Reserve Chairman Ben Bernanke warned that a recession was certain without the $700 billion bailout plan. The Dow plummeted 162 points to 10,854 while Nasdaq plunged 26 points to 2153.
On the upside
The American Antitrust Institute recommended that the deal between Google (Nasdaq: GOOG) and Yahoo (Nasdaq: YHOO) should proceed with certain limits.
Despite a late afternoon sell off of financial stocks, shares of National City (NYSE: NCC) rose to close higher.
On the downside
One of Energy Conversion's (Nasdaq: ENER) largest clients cut its guidance citing financial crisis in the U. S along with the expiration of the Investment Tax Credit.Shares of Avis Budget Group (NYSE: CAR) tumbled after rival Dollar Thrifty Automotive's (NYSE: DTG) earnings warning.
Aircastle (NYSE: AYR) announced that it entered a five year $206.6 million senior secured debt facility.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 11 points to 709.