Markets close down about 2% in a wild final session to what was a crazy week overall

And when all was said and done, the major indices finished virtually unchanged from last Friday’s close.
Financials were hardest hit after Bear Stearns (BSC) revealed the details of an emergency overnight bailout by JP Morgan and the NY Fed. Shares of BSC were nearly cut in half on huge volume of 186 million shares to close @ $30.00 Speculation about credit problems at BSC had circulated for days. Apparently the suspicions became self-fulfilling as a barrage of cash withdrawals quickly caused a credit squeeze at the firm.
Shares of broker Lehman Brothers (LEH) lost over 14% on very heavy volume in sympathy, suggesting that traders believe if there is another shoe to drop, it’s at LEH.
The day began with promise as February CPI data released @ 8:30 indicated that inflation surprisingly remained in check for the month. Futures pointed to a substantially higher open.
Just to keep things interesting, President Bush and Fed Chairman Ben Bernanke peppered mid-day trading with comments on the economy.

S&P: -27.3 Dow: -195 Nas: -51.1

SKF ultrashort financials ETF +6.3%

Today’s close
S&P: 1288 Dow: 11951 Nas: 2212

Last Friday’s close
S&P: 1293 Dow: 11893 Nas: 2212