Monday, July 14, 2008

Roller coaster...

...after gapping lower on the open, dropping sharply lower at midday, rallying back to positive territory in the afternoon, the Dow still managed to close lower by 128 points on Friday.

The market got off on the wrong foot after rumors hit that Fannie Mae and Freddie Mac might be taken over by the government, rendering the stocks almost worthless.

Each of these mortgage insurers were down over 50 percent in pre-market trading. Both bounced back during the regular session, but Fannie still closed lower by 22 percent.

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