Stocks lower as Paulson unveils change in bailout (AP)

Filed Under (Personal Finance) by on 12-11-2008

A pair of Bank of America specialists work at a post on the floor of the New York Stock Exchange Tuesday, Nov. 11, 2008. Wall Street got another dose of painful reality Tuesday, with stocks falling sharply as investors recognized that few industries are safe from the consumer spending slump — whether they're building homes, making cars or selling coffee. The Dow Jones industrial average managed to lift off its lows of the day, but still closed down nearly 180 points. (AP Photo/Richard Drew)AP - An already disheartened Wall Street turned sharply lower Wednesday after Treasury Secretary Henry Paulson said the government won't buy banks' soured mortgage assets after all, disappointing investors who hoped to see the bad debt wiped off companies' books. The Dow Jones industrials fell more than 270 points, and all the major indexes dropped more than 2 percent as the market retreated for a third straight session.

--- AP ...

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