Update from 12:23 p.m. EST
Stocks on Wall Street were trading in the red Thursday, as investors were offered reminders that the credit crisis continues to plague major financial firms as well as economic data that did little to bolster confidence.
The Dow Jones Industrial Average dropped 387 points to 8752, and the S&P 500 gave back 41 points to 911. The Nasdaq shed 55 points to 1626.
In rising off its Oct. 27 lows, the market went from an oversold level to overbought in a very short period, said Robert Pavlik, chief investment officer at Oaktree Asset Management. "It's working off some of that overbought condition," he said. The market has overreacted to a thawing credit market, he said. "I still think there's weakness ahead that just hasn't been factored in." ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,366.15 | 1,099.92 | 2,173.14 | 33.80 |
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