The stock market extends its losses as Dow Jones reports that sellers
of credit protection of the default of Washington Mutual (WM) will have
to pay 43 cents on the dollar, which was worse than expected.
The Nasdaq took out its multi-year intraday low that was hit on October 10.
Traders will be keeping a close eye on 839.80 for the S&P 500,
which is its multi-year intraday low that was reached on Oct. 10. It
is currently about 3.4% above that level.