AI
Saturday, January 31, 2009 12:29:27 AM
As goes January, so goes the year. The recession won't end in 2009. STILL thinking 10,000 on DOW in 2009 ? BTW, I was one of the 100,000+ that was laid off this week. Good luck to me. It is all abouts jobs, and the recession WILL NOT END until Corporations start doing the right thing. This is the wrong thing: IBM laid off 5,000 employees in the past week, some in the most profitable divisions, despite reporting RECORD EARNINGS, record cash flow and record signing of new orders.
Worst January ever for Dow, S&P 500
Wall Street slumps Friday at the end of a brutal month.
NEW YORK (CNNMoney.com) -- The Dow Jones industrial average and Standard & Poor's 500 finished their worst January ever Friday as investors eyed abysmal reports on economic growth and quarterly earnings.
Companies have announced more than 100,000 job cuts this week alone. "What's especially concerning is that we are seeing companies start to lay people off in anticipation of the slowness rather than in response to it," he said.
Stocks tumbled Thursday following bleak reports on earnings, housing and employment. That caused the Nasdaq and S&P 500 to break a four-session winning streak and the Dow to break a three-session advance.
Wretched month: It was the worst January ever for the Dow industrials and S&P 500, according to Stock Trader's Almanac data.
The Dow lost 8.8% and the S&P 500 lost 8.6% in the month.
The Nasdaq's loss of 6.4% was eclipsed by last January's loss of 9.9%. That 2008 loss was the worst in the tech average's history, going back to its inception in 1971.
Among the sector decliners during January, it was a particularly ugly month for bank stocks.
Fans of the S&P's January barometer know that a weak January can spell doom for the rest of the year, as per the saying "As goes January, so goes the year."
Worst January ever for Dow, S&P 500
Wall Street slumps Friday at the end of a brutal month.
NEW YORK (CNNMoney.com) -- The Dow Jones industrial average and Standard & Poor's 500 finished their worst January ever Friday as investors eyed abysmal reports on economic growth and quarterly earnings.
Companies have announced more than 100,000 job cuts this week alone. "What's especially concerning is that we are seeing companies start to lay people off in anticipation of the slowness rather than in response to it," he said.
Stocks tumbled Thursday following bleak reports on earnings, housing and employment. That caused the Nasdaq and S&P 500 to break a four-session winning streak and the Dow to break a three-session advance.
Wretched month: It was the worst January ever for the Dow industrials and S&P 500, according to Stock Trader's Almanac data.
The Dow lost 8.8% and the S&P 500 lost 8.6% in the month.
The Nasdaq's loss of 6.4% was eclipsed by last January's loss of 9.9%. That 2008 loss was the worst in the tech average's history, going back to its inception in 1971.
Among the sector decliners during January, it was a particularly ugly month for bank stocks.
Fans of the S&P's January barometer know that a weak January can spell doom for the rest of the year, as per the saying "As goes January, so goes the year."
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