And suddenly the bad news surface.....

Stocks tumbled Friday, more than erasing the previous session's gains, as investors dumped a variety of shares at the end ofa rough week and choppy month on Wall Street. Bond prices rallied, sending yields lower, in a classic flight-to-quality. Thedollar was mixed versus other major currencies. Oil and gold prices fell. The Dow Jones industrial average lost nearly 2.5% (-250 pts, close 9,712.73). The Dow lost as much as 278 points earlier. It was the Dow's biggest one-day selloff on a point basissince April 20. The S&P 500 index fell 2.8% (-30 pts, close 1036.19) and the Nasdaq composite shed 2.5% (-52 pts, close2045.11). U.S. light crude oil for December delivery retreated US$2.87 to settle at US$77 a barrel on the New York MercantileExchange after rallying 3% in the previous session. (CNN Money)

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Americans cut spending for the first time in five months and a gauge of confidence weakened, signaling consumers willmake a limited contribution to the recovery without government incentives. Consumer spending fell 0.5% in September after a1.4% jump in August, Commerce Department figures showed in Washington. The Reuters/University of Michigan final index ofconsumer sentiment decreased to 70.6 in October from 73.5 the month before. Mounting jobs losses, stagnant incomes andthe expiration of programs such as the cash-for-clunkers auto rebates threaten to hold back household spending as the nationemerges from a recession. (Bloomberg)



CIT Files For Bankruptcy
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