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TheStreet Open House

Dow Industrials Sink Below the 10,000 Mark

Ted Weisberg, floor trader with Seaport Securities, was less dire. "Like getting a cold or whatever it happens to be ... sometimes you just have to let things run their course," he said. Fear has gotten a hold of the market and emotion is driving the market.

Stocks eventually will be oversold if they haven't reached that level already, said Weisberg. "Unfortunately, they don't ring a bell and tell us when we're going up," he said. "Market conditions like this create more opportunities than you can shake a stick at. You just have to have a little patience."

On the home-loan front, Bank of America (BAC) announced it would modify about 400,000 mortgages to help borrowers who had taken out loans from Countrywide Financial, which BofA acquired on July 1.

Insurance company Hartford Financial (HIG) said it garnered a $2.5 billion investment from Allianz, is reducing its dividend and will register a third-quarter loss.

Outside the financials, Reuters reported that ImClone (IMCL) agreed to a merger with Eli Lilly (LLY).

Among technology stocks, online auctioneer eBay (EBAY) said it would be cutting its staff by 10% and would buy online payment processor Bill Me Later.

In the commodities space, the price of crude oil was down $3.53 to $90.35 a barrel, and gold was climbing $42.10 to $875.30 an ounce.

Longer-term U.S. Treasury securities were climbing in price. The 10-year was up 22/32 to yield 3.52%, and the 30-year was climbing 1-20/32, yielding 4%.

Overseas markets were broadly falling. The FTSE in London and the Dax in Frankfurt were each down more than 5.8%. Asian exchanges , including Japan's Nikkei and Hong Kong's Hang Seng, closed on the downside.

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