Wall Street Closes 2nd Down Week In a Row
As if it wanted to set us up for a heartbreak, the Dow lived in negative territory all day before popping positive at the beginning of the last hour of trading.
Then the Dow fell out of bed, and hard, crashing more than 300 points in the last half-hour to close down 337.94 points, or nearly 4 percent.
The S&P 500 closed down more than 4 percent and the Nasdaq closed down an even 5 percent.
It marked the second straight down week for Wall Street.
Some of the drop can probably be blamed on the Evil Last Hour Effect, which we've written about several times here.
CNBC's Dylan Ratigan took a stab at explaining the plunge, saying that a) traders are really starting to price in the terrible September and October sales and demand figures and b) Treasury Secretary Hank Paulson's "flip-flop" on the bailout on Tuesday unnerved investors.
CNBC's Bob Pisani guessed the big sell-off was caused by the assumption that traders don't expect any big positive news to come out of this weekend's G-20 summit in Washington.
The first indication of whether he's right will come Sunday night Eastern U.S. time, when the Asian markets open.
-- Frank Ahrens
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