Reply #116: 2:33 and really fugly with blather

[UpInArms]

Dow 12,249.52 216.64 (1.74%)
Nasdaq 2,362.28 32.31 (1.35%)
S&P 500 1,344.40 28.80 (2.10%)
10-Yr Bond 3.649% 0.063

NYSE Volume 3,682,433,750
Nasdaq Volume 1,899,827,875

2:30 pm : The stock market falls to its session low, as financials (-3.5%) continue to face selling pressure. Multi-line insurance is posting the largest loss of 5.1%. Retail REITs (+0.2%) is the only group in financials that is posting a gain.

Atlanta Fed Lockhart said additional interest rate cuts may be needed in the face of the recent economic weakness. He expects weak growth in the first half of 2008, followed by a gradual pickup.DJ30 -218.02 NASDAQ -32.38 SP500 -28.33 NASDAQ Dec/Adv/Vol 2083/860/1.81 bln NYSE Dec/Adv/Vol 2401/740/1.23 bln

2:00 pm : More choppy action as stocks pare some losses and then go back on the retreat. Tech (-0.4%) has made up a portion of its losses, and briefly touched positive territory.

Bonds have fared better than stocks in today's trade. The 10-year yield is trading near its lowest level since early 2004, aided by the weak Philadelphia Fed reading.

Lehman Brothers (LEH 55.69, -2.37) said earlier today that it is going to cut its U.S. residential mortgage origination resources and suspend its unit wholesale/correspondent lending activity.DJ30 -149.00 NASDAQ -15.68 SP500 -19.99 NASDAQ Dec/Adv/Vol 1920/1014/1.66 bln NYSE Dec/Adv/Vol 2340/775/1.11 bln