Wall Street retreats: Stocks tumble, with the Dow briefly below 8,000 on Citigroup, Bank of America

[Soylent Brice]

Stocks tumble, with the Dow briefly below 8,000 on Citigroup, Bank of America worries.


NEW YORK (CNNMoney.com) -- Stocks tumbled Thursday afternoon, with the major gauges falling to nearly two- month lows, as worries about Bank of America and Citigroup added to fears of a prolonged recession.

The Dow Jones industrial average (INDU) lost 2.1% with under three hours left in the session. The blue-chip indicator briefly fell as low as 7,995.13, falling below 8,000 for the first time since Nov. 21, when it touched 5-1/2 year lows.

The Standard & Poor's 500 (SPX) index lost 2.5% and the Nasdaq composite (COMP) lost 1.5%.

Stocks tumbled on Wednesday, with all three major gauges closing at six-week lows. It was the sixth consecutive down session for the Dow.

http://money.cnn.com/2009/01/15/markets/markets_newyork/index.htm?postversion=2009011513

[NightWatcher]

1. sounds like BoA is being kept afloat by these bailoutS

I'm transferring my money to my Navy Federal accounts and away from BoA

[Flirtus]

2. I've been wondering

and don't bite - I'm not someone with any money to move, nor dependent on BofA or the Navy, but, when people react to some news by shifting assets -
Does moving money at this time help or hurt either you or the overall situation? Do you have more than the FDIC covers?

[NightWatcher]

3. to be honest, I started wanting to change from BoA after numerous problems

I have only a few hundred bucks (nowhere near the FDIC limit), but if it looks like BoA might be having solvency problems, I dont want to even have to deal with the hassle.