In an extremely volatile trading session characterized by wild, sudden price swings and huge volume, buyers clawed back from greater than 300-point losses on the Dow and a 40 point drop in the S&P 500 index to end the day, remarkably, in positive territory. At 4:00 ET, the S&P 500 Index stood at 1,411.26, up 4.56 points, while the Dow Jones Industrial Average was down 15.69 points at 12,845.78. The Nasdaq fared worst of the bunch, closing down 7.76 points, at 2,451.07, after touching on an intraday low of 2,386.69. Volume was heavy across-the-board, with the Dow at 454 million shares traded and the Nasdaq at 2.95 billion shares traded (the S&P doesn't record volume). Countrywide Financial, which this morning sent shockwaves through the markets when it said it had completely exhausted an $11.5 billion line of credit in order to alleviate liquidity pressures, saw its shares drop as much as 20% in intraday trading, but ended the day down a milder 4.2% at $20.38.
Commentary: Put Your Stocks In a Drawer and Forget About Them • The Selling Is Getting Downright Irrational: Remain Patient • Why The Bull Market Should Return
Stocks/ETFs to watch: SPY, DIA
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.