xcel
03-06-2009, 01:43 AM
http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg Major indexes fell to their lowest levels in over a decade Thursday after news of GM's dire financial straits. Citi shares traded below $1 during the session. (http://www.businessweek.com/investor/content/mar2009/pi2009035_634641.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis)
http://www.cleanmpg.com/photos/data/501/Trader_on_the_NYSE.jpgWill Andrews and Ben Steverman - BusinessWeek (businessweek.com) - Mar. 5, 2009
NYSE trader’s body language tell the story :(
Anyone in the mood to catch a falling knife? -- Ed.
US stocks resumed their sell-off Thursday, finishing sharply and broadly lower on weakness in financial stocks and GM. The Standard & Poor's 500-stock index closed at its lowest level since September, 1996, and the Dow Jones industrial average posted its lowest close since April, 1997.
The sell-off followed a stock-market rally Wednesday -- the first winning session since Feb. 24 -- and preceded Friday's release of the employment report for February, which will likely show no signs of a letup in the labor market's broad decline.
On Thursday, the 30-stock Dow Jones industrial average finished lower by 281.40 points, or 4.09%, at 6,594.44. The broad S&P 500 index was down 30.32 points, or 4.25%, at 682.55. The tech-heavy Nasdaq composite index shed 54.15 points, or 4.00%, to 1,299.59. On the New York Stock Exchange, 29 stocks were lower for every two that advanced. Nasdaq breadth was 23-4 negative.
By breaking below 700, the S&P 500 breached a level that some technical traders had hoped would hold. "It's a total breakdown in the technical aspect of the market that is continuing to feed on itself," says Peter Cardillo, chief market economist at Avalon Partners...
The market remained jittery Thursday about the auto and financial sectors. Market sentiment was slammed by the latest update on GM's dire financial condition, including the possibility of bankruptcy for the troubled giant. Financial stocks were hit with steep declines, including a drop in Citigroup's stock price to under $1 during the session. The shares finished the session down 9.7% at $1.02...
"The market is pricing in the worst of what could happen in the economy," Yoshikami says. "People are just unbelievably concerned." … http://www.businessweek.com/investor/content/mar2009/pi2009035_634641.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis
http://www.cleanmpg.com/photos/data/501/Trader_on_the_NYSE.jpgWill Andrews and Ben Steverman - BusinessWeek (businessweek.com) - Mar. 5, 2009
NYSE trader’s body language tell the story :(
Anyone in the mood to catch a falling knife? -- Ed.
US stocks resumed their sell-off Thursday, finishing sharply and broadly lower on weakness in financial stocks and GM. The Standard & Poor's 500-stock index closed at its lowest level since September, 1996, and the Dow Jones industrial average posted its lowest close since April, 1997.
The sell-off followed a stock-market rally Wednesday -- the first winning session since Feb. 24 -- and preceded Friday's release of the employment report for February, which will likely show no signs of a letup in the labor market's broad decline.
On Thursday, the 30-stock Dow Jones industrial average finished lower by 281.40 points, or 4.09%, at 6,594.44. The broad S&P 500 index was down 30.32 points, or 4.25%, at 682.55. The tech-heavy Nasdaq composite index shed 54.15 points, or 4.00%, to 1,299.59. On the New York Stock Exchange, 29 stocks were lower for every two that advanced. Nasdaq breadth was 23-4 negative.
By breaking below 700, the S&P 500 breached a level that some technical traders had hoped would hold. "It's a total breakdown in the technical aspect of the market that is continuing to feed on itself," says Peter Cardillo, chief market economist at Avalon Partners...
The market remained jittery Thursday about the auto and financial sectors. Market sentiment was slammed by the latest update on GM's dire financial condition, including the possibility of bankruptcy for the troubled giant. Financial stocks were hit with steep declines, including a drop in Citigroup's stock price to under $1 during the session. The shares finished the session down 9.7% at $1.02...
"The market is pricing in the worst of what could happen in the economy," Yoshikami says. "People are just unbelievably concerned." … http://www.businessweek.com/investor/content/mar2009/pi2009035_634641.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis