Stocks Turn Lower

By: Associated Press Email
By: Associated Press Email

New York (AP) Stock prices have turned mostly lower on Wall Street, extending the vicious sell-off into a seventh straight day.

This after word that the Bush administration was considering a plan to invest in troubled U.S. banks hoping to stabilize the financial sector. An administration official said the $700 billion rescue package passed by congress last week allows the Treasury
Department to inject fresh capital into financial institutions and obtain ownership shares in return.

IBM made a surprise announcement that it had strong earnings in the third quarter despite the worsening economic climate. It released results more than a week ahead of schedule hoping to help stop a steep slide in its stock price and to offer some perspective to the broader Market. IBM is a component of the Dow Jones Industrial Average.

IBM'S profit beat Wall Street's forecast and the company reaffirmed its full-year earnings guidance.

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