Word: marketic
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After a 40% rally in the S&P 500 off its March market lows, Wall Street strategists had been expecting a market pullback, or consolidation, as part of an orderly advance. But investors are also increasingly anxious that stocks have risen too far and too fast relative to prospective earnings. Even after the decline on June 16, stocks still sell at more than 20 times their expected earnings for 2009 - far from cheap. (See pictures of scared traders...
Faced with troubling signs of a stalling recovery, investors sent the U.S. stock market down sharply on June 15. At the day's close, the Standard & Poor's 500 Index was off 2.4%, with the steepest drops suffered by major banks and commodity producers. Bank of America, the most actively traded stock during the day, saw its price shed nearly 2.8%. The Dow fell 2.1% to close...
...market mood on June 15 was further darkened by newly released data from the Federal Reserve Bank of New York. The bank's Empire State Manufacturing Survey showed a sharp decline for May, reflecting further weakness in new orders. That news came on the heels of grim tidings from the head of the International Monetary Fund, which noted on June 15 that the worst phase of the global recession may be yet to come...
Despite June 15th's market weakness, investment managers are optimistic that stocks will not head back to their March lows, since the scariest part of the financial crisis appears to be over. That said, most do anticipate an ongoing correction that might take stock prices down another...
...financial-industry meltdown as it is an intense lack of affordability. As the report notes, metropolitan-area New York home prices peaked in the second quarter of 2007 at $552,000. By the first quarter of 2009, the median price had dropped 19%, to $446,000, but the market swoon was less than half the drop recorded in many other areas of the country. Today among the 10 biggest metropolitan areas, New York ranks as the least affordable...