The blue chips close in the red

(WWLP) - It was red arrows across the board for the second day in the row.

The market's recent rally paused for the second straight day on Thursday. The Dow lost 94 points, and the NASDAQ slipped 36.

Treasury Secretary Timothy Geithner says the government will wind down its $700 billion bailout program as soon as possible.

He says some of the remaining cash will be used to lower the U.S. budget deficit.

He didn't say how much of the bailout would go toward paying down the deficit, which has hit an all-time high of $1.42 trillion dollars.

Freddie Mac says rates on 30-year mortgages stayed below 5% this week, but remain above the record set earlier this year.

The average rate for a 30-year fixed mortgage has slipped to 4.83%. Rates hit a record low of 4.78% back in the spring.

AOL is passing out the pink slips. The Internet company said cutting about 2,300 jobs will slash operating costs by nearly 300-million dollars a year. AOL will be parting ways with Time Warner in December.