Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
The stock market is now officially in no man's land. Those were the words of one trader, but he certainly isn't alone in that view. Friday promises to be no less strange as options expire in equities, and credit markets continue to show new signs of frosting over.
There is no joy on Wall Street, and frankly, the mood is getting worse. On Wednesday, stocks hit a 5-1/2 year low on waves of selling stemming from a meltdown in financials. The group was down nearly 12%, with some big names like Citigroup at shocking lows.
Goldman Sachs economists did an exercise where they set some very negative forecasts against the fourth quarter to see just what worst case GDP might look like. Their current forecast is for a decline of 3.5 percent in annualized "growth," but in a "just awful" environment they get to minus 6 percent. Worst case? That would be a 7.8 percent decline.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
CNBC Senior Commodities Correspondent and Personal Finance Correspondent
JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC
Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.
Senior Producer at CNBC's Breaking News Desk.