By  on September 26, 2008

A final-hour rally by the Dow Jones Industrial Average limited the index’s fall for the week to just over 2 percent, while a more energetic late move by retail shares locked in the week’s declines at nearly 5 percent.

As lawmakers continued to hammer out details of a rescue plan for Wall Street, financial stocks absorbed the biggest failure in U.S. banking history – Thursday night’s Washington Mutual collapse and the subsequent takeover of some of its assets by J.P. Morgan Chase & Co. Meanwhile, Wachovia’s shares dropped before the bell as reports spread it was in early-stage merger discussions with Citigroup.

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