Closing Bell Report

Uncertainty over the impact of the $700 billion government bailout plan sparked a run up in oil prices with a barrel of crude oil surging $16.37 to settle at $120.92.  The markets plunged to close sharply lower with the Dow plummeting 373 points to 11,016 while Nasdaq stumbled 95 points to 2179.

On the upside

Rising gold prices lifted shares of Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG) and Gold Fields (NYSE: GFI) .

Fairfax Financial (NYSE: FFH) disclosed that it has realized cash proceeds of $574.5 million for the third quarter from the sale fo $3.22 billion of credit default swaps. 

China TechFaith Wireless Communication Technology (NYSE: CNTF) signed a strategic cooperation agreement with digital products brand aigo to develop total solutions products for the operator tailored market in China.

On the downside

In order to reduce expenses, Angiotech Pharmaceuticals (Nasdaq: ANPI) will close a plant, eliminate jobs and delay the launch of a new product.  The company also warned that private equity deal may fall apart.

Shares of Huntington Bancshares (Nasdaq: HBAN) tumbled over concerns that despite the $700 billion bailout, the underlying problems of a troubled housing market persist.

Concerns that the government bailout plan will not be enough to rescue the ailing housing market sent shares of mortgage insurer MGIC Investment (NYSE: MTG) plummeting.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 33 points to 720.