Treasury begins to deploy financial rescue plan, stocks under pressure - Spokane, North Idaho News & Weather KHQ.com

Treasury begins to deploy financial rescue plan, stocks under pressure

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WASHINGTON. - A top Treasury official says the $125 billion the government is providing nine major banks will be distributed this week.

Assistant Treasury Secretary David Nason said Monday the deals with the nine banks were signed Sunday night and the government will make the stock purchases this week that are designed to bolster the banks' balance sheets so they will begin more normal lending.

The action will mark the first deployment of resources from the government's $700 billion financial rescue package passed by Congress on October 3.

Stocks closed with losses, capping a session where the key averages spent time in both negative and positive territory.

The Dow fell 203 points to 8,175. The S&P dropped nearly 28 points or more than 3 percent to 848. The Nasdaq composite lost 46 points to 1,505.

On the New York Stock Exchange, declining issues outnumbered advancers by a 4-1 margin.

Volume on the NYSE was 5.4 billion shares. Nasdaq stock market volume was 2.2 billion shares.

The U.S. government is implementing some of its bailout measures this week aimed at supporting the banking sector, including a plan to purchase stakes in banks.

The Commerce Department reported that new home sales rose 2.7 percent in September, as home prices declined.

Before the opening bell, Japan's Nikkei 225 index dropped to its lowest close in 26 years.

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