Richard Tafoya
Feb 23rd, 2009, 05:11 PM
Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601103&sid=akf.aRGsNZgQ&refer=us
U.S. stocks fell, sending the Standard & Poor’s 500 Index to a 12-year low, as concern that the deepening recession will erode earnings offset the government’s pledge to give more capital to banks.
Hewlett-Packard Co. and Intel Corp. slid at least 5.4 percent as Morgan Stanley said technology shares are the most vulnerable among economically sensitive industries. U.S. Steel Corp. led a retreat in steelmakers after UBS AG said the group has raised output too quickly. Bank of America Corp. rose 3.2 percent and Citigroup Inc. climbed 9.7 percent as concern eased that the U.S. government will seize control of the lenders.
The S&P 500 declined 3.5 percent to 743.33, its lowest close since April 1997. The six-day losing streak in the U.S. stock benchmark ranks as its longest since October. The Dow Jones Industrial Average tumbled 250.89 points, or 3.4 percent, to 7,114.78, its lowest since May 1997. The Russell 2000 Index lost 4 percent.
“Many investors simply can’t contemplate any more stock market risk in their portfolios,” said Fritz Meyer, the Denver- based senior market strategist for Invesco Aim, which oversees $357 billion. “Sentiment in the market is very weak and negative.”
Bank of America and Citigroup each fell more than 68 percent this year, leading the S&P 500 to an 18 percent in the worst start to a year. President Barack Obama and Treasury Secretary Timothy Geithner have failed to assuage investors with a $787 billion economic stimulus plan comprised of tax breaks and government spending.
http://www.bloomberg.com/apps/news?pid=20601103&sid=akf.aRGsNZgQ&refer=us
U.S. stocks fell, sending the Standard & Poor’s 500 Index to a 12-year low, as concern that the deepening recession will erode earnings offset the government’s pledge to give more capital to banks.
Hewlett-Packard Co. and Intel Corp. slid at least 5.4 percent as Morgan Stanley said technology shares are the most vulnerable among economically sensitive industries. U.S. Steel Corp. led a retreat in steelmakers after UBS AG said the group has raised output too quickly. Bank of America Corp. rose 3.2 percent and Citigroup Inc. climbed 9.7 percent as concern eased that the U.S. government will seize control of the lenders.
The S&P 500 declined 3.5 percent to 743.33, its lowest close since April 1997. The six-day losing streak in the U.S. stock benchmark ranks as its longest since October. The Dow Jones Industrial Average tumbled 250.89 points, or 3.4 percent, to 7,114.78, its lowest since May 1997. The Russell 2000 Index lost 4 percent.
“Many investors simply can’t contemplate any more stock market risk in their portfolios,” said Fritz Meyer, the Denver- based senior market strategist for Invesco Aim, which oversees $357 billion. “Sentiment in the market is very weak and negative.”
Bank of America and Citigroup each fell more than 68 percent this year, leading the S&P 500 to an 18 percent in the worst start to a year. President Barack Obama and Treasury Secretary Timothy Geithner have failed to assuage investors with a $787 billion economic stimulus plan comprised of tax breaks and government spending.