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
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.
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.