Little change for Dow

Wall Street recovered from steep losses today amid hopes for an imminent interest rate cut, but stocks still closed down in response to Merrill Lynch's credit-related losses and a sharp drop in existing home sales.

The Dow Jones industrials fell in morning trading by up to 200 points after the market faced one of its most-feared scenarios: Not only was the housing implosion dampening corporate profits, it appeared to be accelerating.