Market Wrap: Just Rub Some Corzine on It; Draghi Lives Up to Name; Ford's Confidence Returns

Market wrap-up for December 8th

End of the Day: Dow Jones down 198.7 to 11,997.70; Nasdaq down 52.8 to 2,596.38; S&P 500 down 26.7 to 1,234.35

The following is a brief summary of events moving markets today:

• I did not have relations, with that money: Former MF Global (OTCBB: MFGLQ) chief Jon Corzine testified in front of the House Agriculture Committee. Immediately, Corzine said information he provided might have been limited since he was planning to appear in January.
  
  Well, investors who've lost hundreds of millions just didn't have that time, apparently.
  
  Corzine said, in prepared statement, "Like all of you, I am devastated by the enormous impact on many peoples' lives resulting from the events surrounding the MF Global bankruptcy."
  
  On where of the estimated $1.2 billion of funds is, Corzine said, "I simply do not know where the money is...there were an extraordinary number of transactions during MF Global's last few days."
  
  
• Recapitalize, you must! Hmm, yes: U.S. markets closed lower Thursday, as ECB President Mario Draghi said the bank's bond purchases would be "neither infinite nor eternal." Further, markets fell once headlines Germany also opposed some of the ESM measures proposed, adding another wrench to the works.
  
  Earlier, the ECB eased its benchmark rate from 1.25 percent to 1.00 percent.
  
  
• You know, a 'fluffier' cushion: Data out of the European Banking Authority Thursday morning showed Euro banks will need to raise nearly €115 billion ($153 billion) in new capital moving forward. In October, the EBA had said Euro banks would need to raise an additional €106 billion in capital. Click here for more.
  
  
• Shareholders: 'We'll take it!': Ford (NYSE: F) reinstated its dividend for the first time in about 5 years, now paying 5 cents per quarter, for an annual yield of 1.9. Read more about the dividend here.
  
  
• The equivalent of you buying a new shirt: IBM (NYSE: IBM) and DemandTec (Nasdaq: DMAN) announced that the two companies have entered into a definitive merger agreement for IBM to acquire DemandTec in an all cash transaction at a price of $13.20/share, or at a net price of approximately $440 million, after adjusting for cash. Click here for more color.
  
  
• Another VT tragedy: Five years following the deadliest mass shooting in modern U.S., in which 33 individuals were killed, another gunman opened fire on the campus of Virgina Tech. Though not nearly as deadly as the prior one, two people have been confirmed dead.
  
  Reports say the man shot a cop, then himself.

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