Economics
Stocks Claw Their Way Back
Buyers swooped in the last hour Thursday after heavy selling pushed major indexes 10% below their recent highs
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It was another wild and wacky day on Wall Street as stocks snapped back from a deep plunge thanks to some late-day short-covering and buying tied to Friday's monthly options expiration.
Thursday started as another dreary day on Wall Street as bad news from Countrywide Financial (CFC) sparked more worries about credit markets, mortgage lenders, and even the broader economy, sending the Dow Jones Industrial average and the S&P 500 index tumbling into a correction territory -- typically a drop of 10% or more from highs.