Dow Breaks Below 7,000 as Future Drop
Monday, March 2, 2009 7:39Futures for the Dow Jones Industrial Average are down sharply indicating an opening of 6,918, the lowest level in 12 years.
News of a massive loss from AIG, and the announcement that HSBC will pull out of the US consumer lending business is weighing in on the market. HSBC reported a 70% drop in profits as well as a dividend cut.
Economic news is predicted to be painful as well. Economists predict the largest one month job loss in 60 years. A job loss of 630,000 is expected to be reported for February, which is higher than the 598,000 jobs lost in January. The deterioration is accelerating.
U.S. stocks dropped on Friday, and closed the Dow Jones closed out the month with its worst performance since 1933. The S&P 500 dropped 10.9%, and has dropped 18.6% so far this year, the worst start to the year on record.
Update: Banks are set to open sharply lower. Bank of America (BAC) is trading down 10% to $3.59.
No related posts.
On-line Job Seek says:
March 8th, 2009 at 2:03 am
I am always searching for online resources that can help me. Thank you!
Job Vault says:
March 8th, 2009 at 2:06 am
I have been watching the news about this so I have been looking around for the best site to visit. Yours is great. Thank you.