Thornburg and Ambac Stocks Surge

In extended trading on Friday, stocks of Thornburg Mortgage Inc [[tma]] and Ambac Financial Group Inc [[abk]] both unexpectedly surged on the New York Stock Exchange after closing down for most of the day. It was reported that orders totaling at least 10 million shares were submitted in Friday’s final trading moments. The transactions multiplied Ambac’s 4-cent gain for the day into a $2.08 increase and turned a 24% fall for Thornburg into an 8.5% gain.

The Standard & Poor’s 500 Index [[^gspc]] fell to to 1,293.37 - its lowest level since August 2006. The Dow [[^dji]] fell 3% for the week and the Nasdaq [[^ixic]] lost 2.6%.

Washington Mutual Inc [[wm]] was the biggest loser in the S&P 500 Friday, falling $1.05, or 8.9%, to $10.71, the lowest since August 1995. The biggest US savings and loan company had its ratings cut by Standard & Poor’s to BBB from BBB+, two levels above junk, on Thursday.

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