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Stocks declined in this abbreviated post-Thanksgiving session as traders took a breather after four straight days of gains.
The markets close out a negative week with a late day rally on the expected nomination of Timothy Geithner to the position of Treasury Secretary.
Under this plan, buyers will be allowed to pay half their balance now and the remaining half on the day the Dow Jones reaches 10,000 or by Nov. 15, 2009, whichever comes earlier.
You could hear the screams on Wall Street (and perhaps a few sighs of relief that the bloodletting was over -- for today at least) when the Dow closed down 427 points -- to a level BELOW 8,000 for the first time in over five years. The market's in "critical condition," says Cramer, and likens it to a "hospital emergency room."
The Dow Jones Industrial Average is set to sink to 6,400 within the next few weeks, Nicole Elliott, technical analyst at Mizuho Corporate Bank told CNBC.
You know it's been a bad Wall Street session when Cramer starts off his "Stop Trading" segment with the blunt comment, "This is a horrible market." He goes on to list the various factors: insurers, banks, retail and minerals (he didn't even mention the autos!).
The Dow Jones Industrial Average could sink as low as 6,700 before the year is out, in another accelerated down move similar to October's slump, Roelof van den Akker, chartist from ING Wholesale Banking, told CNBC.
For the week, the Dow tumbled about 5%, followed by the S&P 500 down over 6%, while the NASDAQ got hit the hardest, declining nearly 8%.
Today was a triumph of the technicals over the technological. Today was a day we touched the Dow 8,000 level -- down 20% from where Cramer last said to sell. When you hit that level, you catch buys. If you're using Cramer's strategy of buying stocks with bountiful dividends like CAT at 4.5% or Nucor at 4%, you caught a great price earlier in the day. Now you should be done buying and, as the high-yielders rally, it's time to start the selling. You can't buy again until the stock takes out your last low price and the yield's even bigger. That's the only strategy that's worked consistently in this crazy market -- stocks that bounce most have the biggest yields.
On a week where the US closed the chapter on a historic election, the markets rallied on Friday, up almost 2.5% or greater, however, all the major indices finished the week down about 4%.
The S&P 500 had its fourth worst 2-day loss in history today, losing over 100 points since Election Day.
Senator Barack Obama is now the President-Elect of the USA and one day later, the markets are down over 3%. Is this typical?
Democrats hope to solidify their thin leadership in the Senate. What do the Intrade markets show as the likelihood of a 60 seat or greater majority for the Dems? (www.intrade.com)
As we close in on the presidential election, most polls are showing Obama in the lead, as McCain still fights for the upset win. What do the Intrade markets show? www.intrade.com)
Stocks pulled off a second straight day of gains, capping the market's worst month in a decade.
For the first time in history,the Dow, S&P 500, and NASDAQ finished the week up over 10%. Despite the gains this week, all major indices ended the month sharply lower.
U.S. stocks advanced Friday afternoon as investors shrugged off the worst drop in consumer sentiment on record and the first drop in personal spending in two years, putting the market on track to end this mad month on a high note.
U.S. stocks turned mixed Friday after one report showed consumer sentiment held steady this month and another showed personal spending fell for the first time in two years.
Wall Street looked poised for a lower open Friday, tracking European stocks down, and after a report showed a decline in personal spending.