RE: U.S. Politics - READ THIS!!!2:30 pm : The NY Times reports that governmentleadership plans a second attempt to pass the $700 billion financialbill, which conflicts with a CNBC report that there is no possibilityof a second vote.
The Volatility Index (VIX) spiked as much as 11.02 to 46.28, whichis its highest level since 2002. The high levels of the VIX indicatesgreater uncertainty during the next 30 days.
The Nasdaq establishes a fresh session low and then pares some losses. The S&P 500and Dow trade modestly above their worst levels. The financial sectoris down 9.3%, energy is down 9.4% and tech is down 6.8%. The consumerstaples sector is down 2.4%, making it the best-performing sector thissession.
The S&P 500's decline of 6.1% is the largest one-day percentdecline since falling 6.8% in April 2000. Only two stocks within theS&P 500 are posting a gain.
Commodities (-4.8%) fall on the rejected plan, with oil prices dropping 9.3% to $96.92 per barrel.
Meanwhile, Treasuriesextend their gains as investors seek safety. The 10-year note is upnearly two points, sending its yield down to 3.61%.DJ30 -530.37 NASDAQ-142.05 SP500 -74.58 NASDAQ Adv/Vol/Dec 404/1.75 bln/2517 NYSE Adv/Vol/Dec 80/910 mln/2772