The Dow snapped back Friday but overall the major averages all posted sharp losses for the week as Wall Street awaited news from Washington on a rescue plan for the financial sector.

In the biggest U.S. bank failure in history, Washington Mutual was seized by government regulators and its branches and assets sold to
JPMorgan Chase, after WaMu customers withdrew $16.7 billion in nine days.

JPMorgan raised $10 billion in a stock sale to cover writedowns and losses after acquiring WaMu's deposits and branches for $1.9 billion, making it the biggest U.S. bank by deposits.

The U.S. economy expanded more slowly than previously estimated in the second quarter, showing consumer spending was cooling before the credit crisis heated up.

The Commerce Department said the annual growth rate of 2.8 percent was lower than the earlier estimate of 3.3 percent.

Measures of inflation were higher than previously projected, while personal consumption, trade and business investment contributed less to gross domestic product.

Take a look at opening levels.
The Dow will open at 11,143.
The Nasdaq will open at 2,183.

For the latest updates, check out the online edition of Fortune by clicking here.