Trading remains choppy. The major indices have been unable to put
together a sustainable afternoon rebound that will take them back to
early session highs.
Though trading with a healthy gain, the financial sector continues to
lag the broader market. Financials are currently up 1.0%, but were up
3.5% at their best level of the session.
AIG (AIG 1.65, +0.10) disclosed it has applied for participation in the
Federal Reserve's commercial paper funding facility. The company has
already drawn down more than $85 billion in loans from the fed,
according to sources, which is more than it initially planned. AIG is
one of the worst faring companies this year; its shares are down more
than 95% year-to-date.