Last Updated: February 20th, 2009: 4:50 PM ET---The major US equity indices seesawed in negative territory for the entire session, but were able to pare losses towards the end of the day following a number of late day reports concerning the new administration's latest plan to save the financial sector. The Dow Jones Industrial closed 1.3% lower to 7,366, a new bear market low close, and touching a new intraday bear market low of 7,249. Of the Dow's thirty components only six were able to squeeze out gains with telecom leaders AT&T (NYSE:T) and Verizon Communications (NYSE:VZ) closing as the day's biggest gainers, up 1.7% and 2.9%, respectively. Citigroup (NYSE:C) was the industrial's laggard, closing off 22.3% on the day. The Nasdaq was the best performing index, closing off only 0.1% to 1,441. Meanwhile the S&P 500 closed off 1.1% to 770, now off 6.8% in February and 14.8% year-to-date. Telecom and tech shares were the only two sectors to close in the green while energy and consumer staples were the day's worst performing sectors. The market was off more than 3% at their lows until the end of the session when the indices rallied following a report from CNBC saying that next week the Treasury Department will outline details of its plan to save the nation's financial system which, according to an Obama administration spokesman, wouldn't involve nationalization of banks. Further, leading financial analyst Dick Bove of Rochdale Securities said that Bank of America (NYSE:BAC) was the "buy of a lifetime" spurring buying and short covering in the bank's stock.

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