2008-10-10 14:30 ET Dow -507.42 Dow Close 8073.18 Nasdaq -89.86 Nasdaq Close 1556.38 S&P -60.94 S&P Close 848.98 NYAdv 303 NYDec 3093 NQAdv 477 NQDec

[BRIEFING.COM] Stocks attempted to recover some losses but were quickly met with selling pressure.
Wachovia (WB 4.60, +1.00) was put on CreditWatch positive and had is counterparty credit rating raised at Standard & Poor's in response to Wells Fargo (WFC 26.39, -0.84) announcing that it will complete its acquisition of Wachovia. Wells Fargo remains on CreditWatch negative.
According to data from Creditfixings.com, firms that sold protection against default on Lehman Brothers debt, known as credit default swaps, will have to pay 91.37 cents on the dollar to those who bought the debt protection. This means that the firms that sold the CDS will face steep losses.