The Dow could reach 12,000 by March as “gloom and doom” creeps out of the market, Ben Lichtenstein, President of Tradersaudio.com, said on Squawk Box.
Futures rallied on the back of the Bank of America bailout Friday, with investors hoping the government will do all in its power to save big institutions from collapsing.
Yesterday's 250 point sell-off in the Dow was the sixth day in a row of losses, the longest losing streak since October 10, 2008 when the Dow lost 22% over an eight day stretch. Since the start of the year, the Dow is down 6.6%, its worst Jan 1 - Jan 14 stretch ever.
Over the past few days, the markets have been weighed down by weak economic data, downbeat corporate earnings forecasts, and concerns that many financial firms may post large quarterly losses in the upcoming weeks. Now at its lowest level since December 1, the Dow is down for its sixth straight session – its longest losing streak since the beginning of October.
The latest retail sales numbers showed a sixth consecutive month of contraction. Sales fell 2.7% in December and November sales were revised downward to a drop of 2.1%. Here is a breakdown of where sales were falling as well as which categories actually saw increases.
Stocks ended mixed Tuesday as tech and oil stocks were buoyed by bargain hunting, but the undercurrent of earnings worry took down the Dow.
Stocks wobbled Tuesday, paring some gains, though the tech-heavy Nasdaq remained higher.
Jitters about dismal corporate earnings were confirmed after the bell Monday, when Alcoa kicked off the reporting season with a wider-than-expected loss, sending stock index futures lower Tuesday morning.
As investors brace for a dismal earnings season coming out of a turbulent fourth quarter in 2008, here is a look at the best and worst performing sectors so far in 2009.
The Dow logged its worst week since late November, erasing all of last week's gains in a brutal week littered with layoffs and profit warnings, and capped with a surge in unemployment.
Despite of the Dow crossing over 9,000 on Tuesday, the markets all settled down about 4% or greater for the week. Crude oil dipped below $40 per barrel for the first time in 2009 following the weak jobs report.
The Dow opened higher Friday amid a giant sigh of relief in the market that only half a million jobs were lost in December. Market buzz had indicated the number could be as high as a million.
The Dow opened higher Friday amid a giant sigh of relief in the market that only half a million jobs were lost in December. Market buzz had indicated the number could be as high as a million.
The Dow turned higher after the December jobs report came in as expected, that is to say that more than half a million jobs were lost in December. Market buzz had indicated the number could be as high as a million.
The latest overall job loss numbers showed a loss of 524,000 jobs in December and the unemployment rate climbed to 7.2%. This is the highest unemployment rate since January 1993. The November payroll numbers were revised to a loss of 584,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
Stocks ended mixed as dismal December retail sales — notably from discount giant Wal-Mart — offset strength in techs, led by Microsoft.
Stocks took a hit from weak December retail sales — even from some of the biggest discount names — but trimmed losses arround midday as strength from Microsoft helped push the Nasdaq into positive territory.
Weaker-than-expected December numbers from Wal-Mart sent stock futures sharply lower as retailers overall painted a bleak picture of holiday sales.
Weaker-than-expected December numbers from Wal-Mart sent stock futures sharply lower as retailers overall painted a bleak picture of holiday sales.