The Dow Jones industrial average (INDU) lost 382 points, or 4.6%, closing at its lowest point since Nov. 20, the date considered by many experts to have been the low of the bear market. The Dow had lost as much as 422 points in the afternoon...The TARP announcement "was a huge disappointment," said Stephen Stanley, chief economist at RBS Greenwich Capital. "There's been an incredible buildup for weeks and then they release a plan that has little in the way of details."
Stocks slipped leading into Geithner's late-morning speech and accelerated after he finished outlining the plan. He's providing more details this afternoon in a congressional hearing.
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