Stocks tumble after gov't unveils financial plan

February 10, 2009 12:00:00 AM PST
Investors are frustrated with the government's latest bank bailout plan -- and showing it by unloading stocks. Financial stocks led the market lower, reflecting Wall Street's growing concerns about the government's ability to restore the health of the banking industry.

Traders and investors said the lack of specifics from Treasury Secretary Timothy Geithner on how the government would direct more than $1 trillion in public and private support was troubling.

The latest plan calls for a government-private sector partnership to help remove banks' soured assets from their books.

The Dow Jones industrials are down 382 at 7,889. The Standard & Poor's 500 index is down 42 at 827, and the Nasdaq composite is down 66 at 1,524.

Declining stocks were ahead of advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.76 billion shares.

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