Market Wrap-Up

Investors searched for any bit of positive news Thursday but didn't find much of it, evidenced by the 219-point drop in the Dow Jones Industrial Average that put that benchmark at 8,605 at the close. That makes two consecutive losing sessions since the Federal Reserve's interest rate cut announcement on Tuesday popped the market 360 points.

One moderately-positive note -- a slight decrease in the weekly jobless claims announced by the Department of Labor -- was overshadowed by a downgrade of the semiconductor industry by Jeffries, a cut in the outlook for General Electric (GE) by Standard & Poor's, a weak earnings announcement from FedEx (FDX) that met already-reduced estimates and included salary reductions, and a continuing uncertainty about when and if the government would provide a bailout plan for the nation's automakers.

Oil pulled back over concerns that slowing economic conditions around the globe will lead to further erosion of demand, despite a production cut by OPEC. Crude fell just over $3 to the $37 level.

Winners

Investors searched for safe havens Thursday. One spot was health care, an industry that tends to do well in tough times. The iShares Dow Jones U.S. Health Care Providers fund (IHF) gained 2.6%.

Losers

The slide in oil made for a rough day for natural resources ETFs. The United States Oil (USO) ETF dropped 6%. The SPDR S&P Oil & Gas Equipment & Services fund (XES) lost 10.5%.

Friday's Notebook

Could this be the day the White House finally announces an auto bailout plan?

Earnings & Conference Calls
CarMax, Darden Restaurants, Jabil Circuit, Stewart Enterprises

Economic Data
No major releases scheduled.

Quick Take

A look at how the industry's most popular ETFs did on Thursday.