More trouble on Wall Street. The short-selling ban didn't seem to help banks much as all ended down for the day, but so did the greater markets. The Dow Jones Industrial Average fell 372 points, or 3.27%, to close at 11,015.69, and The Nasdaq Composite Index fell 94.92, or 4.17%, to close at 2,178.98.
Despite the market slump, Morgan Stanley ended the day almost unchanged, perhaps a sign that the market approved of Mitsubishi UFJ Financial Group's plans to take a stake in the firm. Meanwhile, Goldman Sachs Group Inc., while down $9.02 a share, or 7%, to close for the day at $120.78 a share, fared better than its peers, which mostly saw declines of greater than 10%. And now, more than ever, J.P. Morgan Chase & Co. and Citigroup Inc. really can be called Goldman's and Morgan's peers as the two investment banks agreed Monday morning to convert into bank holding companies, meaning they will face the same regulatory scrutiny. - Maria Woehr
Troubled Wall Street
Prices at 4:00 pm EDT |
| Name |
Price at
open |
Price
at 4pm |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
45.69 |
40.93 |
-6.10 |
140.99B |
| Lehman Brothers Inc. |
0.22 |
0.18 |
-0.035 |
127.47M |
| Merrill Lynch & Co. |
29.01 |
27.33 |
-2.14 |
41.88B |
| Goldman Sachs Group Inc. |
132.78 |
120.78 |
-9.02 |
47.87B |
| Morgan Stanley |
30.76 |
26.95 |
-0.25 |
29.91B |
| Citigroup Inc. |
19.96 |
19.77 |
-0.85 |
108.15B |
| Fannie Mae |
0.83 |
0.87 |
0.180 |
919.93M |
| Freddie Mac |
0.74 |
0.84 |
0.3 |
530.68M |
| Bank of America Corp. |
35.97 |
34.15 |
-3.33 |
155.73B |
| Wachovia Corp. |
17.64 |
14.81 |
-3.94 |
31.97B |
| Washington Mutual Inc. |
4.00 |
3.33 |
-0.92 |
5.68B |
| Wells Fargo & Co. |
35.18 |
39.15 |
-0.06 |
116.41B |
| American International Inc. |
4.58 |
4.72 |
0.87 |
12.69B |
Source: The Deal |
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