The big news of the day is that Bank of America is buying Countrywide. Despite this the markets are plumeting with the Dow Jones Industrial Average dropping 157 points down 1.22 percent with 5 hours of trading left for the day. The NASDAQ is down 31 points down 1.26 percent with 5 hours of trading left. Even news of a JP Morgan Chase and WaMu merger could not help.
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