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MARKET HEADLINES
- Best Trades Now: Casinos, Land Drillers & More
- Student Portfolio Managers Offer Stock Picks
- Fishin' For Views on the Economy
- Bond Prices Slip as Traders Focus on Inflation
- Euro Shares Extend Gains after Chicago PMI
- Asian Markets Rally, Japan Surges 2.4%
- Why Fannie & Freddie May Be Hiding in Your Portfolio
- Stock Picks: Healthcare, Energy & Buying Russia
- Pakistan Forbids Its Stock Market to Drop
- Bonds Fall as GDP Growth Stymies Recession Talk
- Dell, PetSmart, Int'l Rectifier are big movers
- Gilat exits buyout agreement with investors
- International Paper, Domtar tumble after downgrade
- Dollar Financial shares soar on jump in 4Q profit
- Popular shares soar on sale of mortgage assets
- Esterline climbs after increased guidance
- Dell shares sink after lackluster 2Q report
- Nasdaq OMX shares fall amid light trading volume
- FuelCell Energy shares down for 2nd straight day
- Shares of Jamba jump on new tactics
As we go into the last trading day of the month, the Nasdaq and S&P are already having their worst January in history. The Dow is not far behind and is currently having its worst January since 1978. With the futures pointing lower we could hit records across the board. As of yesterday's close here is where the major indices stack up:
- Dow [.DJIA
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] down 6.2% so far - record loss of 8.6% set in 1916 - S&P [.SPX
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] down 7.7% so far - record loss of 7.6% set in 1970
- Nasdaq [COMP
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] down 11.4% so far - record loss of 8.6% set in 1990
With the markets down, many investors are flocking to gold. Gold is up about 10% this month, far from its record January gains set in 1980 when gold gained 26% of that year. Today's WSJ points out that on an inflation adjusted basis gold hit $2,228.60 in January 1980, well above today's prices of ~$920.
(Contd.)
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Prepare for the worst -- with advice from the best:
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The Dow has been down 5% or more in only 11 Januarys. When this happened, its average performance for the following Februarys and for the rest of the year was 0.07% and -0.05% respectively.
Meanwhile, in the video clip to the left, CNBC's Michelle Caruso-Cabrera investigates whether popular culture is indicating that the market has bottomed out.
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Data is a real-time snapshot *Data is delayed at least 15 minutes