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Stocks moved back and forth for most of the day, but shortly after news broke that Congress was unable to come up with an agreement on a bailout package for U.S. automakers, sellers emerged to drive the markets down deeper into bear market territory.
The Dow closed lower by 444.99. The Nasdaq Composite lost 70.30. And the S&P 500 fell by 54.14.
Here are 7 Stocks You Need to Know for Friday.
Reporting earnings Thursday after the market closed, Dell (DELL | Quote | Chart | News | PowerRating) beat analyst estimates by six cents.
Yahoo! (YHOO | Quote | Chart | News | PowerRating) is stepping up its efforts to forge a deal with Time Warner (TWX | Quote | Chart | News | PowerRating) whereby in exchange for a stake in Yahoo!, Time Warner would hand over its AOL advertising business to the Internet search company.
Automakers failed to win support for a much-sought after bridge loan from Congress on Thursday. Shares of both General Motors (GM | Quote | Chart | News | PowerRating) and Ford Motor Company (F | Quote | Chart | News | PowerRating), which were up early in the day, finished well-off their highs.
Despite news that Saudi Prince Alwaleed bin Talal was increasing his investment stake in Citigroup (C | Quote | Chart | News | PowerRating), shares of the stock moved dramatically lower for a fourth trading day in a row.
HJ Heinz (HNZ | Quote | Chart | News | PowerRating) reports quarterly earnings Friday morning before the market opens. Analysts are expecting EPS of 76 cents.
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