Market Update: Dow Breaks Intraday Lows, S&P Still 20 Pts Off Lows; Financials Tanking (BAC, C, GE, GS)

February 20, 2009 9:57 AM EST
With the markets fully opened now, lets take a look at the indices and the price action of some important stocks.

The Dow Jones is down 115 points, or 1.5%, to 7,357, the Nasdaq is down 12 points, or 0.8%, the S&P 500 is down 11 points, or 1.4% to 767. Notably, while the Dow has broken through intraday lows, the S&P is still about 25 points off its November lows of 741.

As for individual stocks:
  • Bank of America (NYSE: BAC), which has been average nearly 350 million trades a day, is down 15.5% to $3.31.
  • Citigroup (NYSE: C) is down 16.4% to $2.10
  • General Electric (NYSE: GE) down 7% to $9.35
  • Wells Fargo (NYSE: WFC) down 11.5% to $10.64
  • JPMorgan (NYSE: JPM) down 4.7% to $19.70
  • Morgan Stanley (NYSE: MS) is down 3.7% to $19.20
  • Goldman Sachs (NYSE: GS), which has held up nicely compared to the other financials, is down 2.6% to $83.23
  • the Financial Bear 3x (NYSE: FAZ), a short financial ETF, is up 10.7% to $77.70.
Traders are continuing to sell financial-related stocks on fears of nationalization, which has been the "theme-of-the-week" for these stocks.

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