Wall Street ended mixed Friday after a dramatic intraday shake as investors hunted for bargains after seven days of massive losses.
The Nasdaq composite index finished with a modest gain, while the Dow Jones industrials and the Standard & Poor's lost ground in the final session.
The Dow Jones average, which was briefly plunged by almost 700 points to 7,882.51, swung back and forth in a 1,000-point range in the day.
The Chicago Board Options Exchange Volatility Index, Wall Street's fear gauge, hit record high of 76.94 on Friday, reflecting unprecedented investor anxiety.
Shares of Morgan Stanley and Goldman Sachs tumbled after credit ratings service Moody's said it might cut their ratings.
Energy companies weighed on the market as oil prices fell more than 10 percent on fear a faltering global economy will cut demand for crude.
The Dow Jones average fell 128.00, or 1.49 percent, to 8,451.49. The Standard & Poor's 500 index fell 10.70 or 1.18 percent, to 899. 22, while the Nasdaq composite index rose 4.39, or 0.27 percent, to 1,649.51.
(Xinhua News Agency October 11, 2008)
