Patrick Andrade for The New York Times
By JEREMY W. PETERS and LOUIS UCHITELLE
Published: August 17, 2007
What looked as if it would be one of the worst days since Wall Street began its midsummer swoon ended yesterday with a whimper, not a bang.
Volatility ruled as investors tried to sort through a cacophony of market chatter: rumors of an emergency meeting by the Federal Reserve, fears that the nation’s largest mortgage issuer might fail, comments from the Treasury secretary and a steep sell-off in markets overseas.
At one point during the trading session, major stock indexes were down more than 10 percent from their peak last month — the threshold for the market’s fall to be considered a “correction.”
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