Word: stockings
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Here's a scary fact to add to today's gloomy stock-market headlines: bank stocks might actually be providing a boost to the market, even as it tumbles to new lows. By at least one measure, financial firms are making the bad earnings caused by the economy look a bit rosier...
...that dismal news and more explained why the downward spiral of global stock markets is expected to continue - including Wall Street's return to the sub-7,000-point level it last visited in 1997. Some stock market analysts believe the Dow could actually dip under its 5,000 mark of 1995 if things get worse. Billionaire investment guru Warren Buffett warned his investors over the weekend that "the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond". Still, Buffet went on to note that despite that terrible economic outlook overall, it "does not tell...
Investors worldwide were sharing the same anxiety over the weekend - and it arose early on Monday to take down markets everywhere. Hours before Wall Street woke up to a March snowstorm, Tokyo's chronically weak stock market avalanched 3.04%; shares of Hong Kong stocks were down steeply too, falling 3.68%; European markets were mostly off 4% or more. As the day progressed, Latin markets fell in tandem with U.S. - Argentina's bourse closed down...
There were no safe havens: Energy shares declined 7% as the price of crude slipped. Financials were weak, natch, with Citigroup, the day's most active stock, losing 30 cents to close at $1.20. General Electric, which slashed its dividend last week, lost another 92 cents to close at 7.50. Even safer stocks, like drug maker Pfizer, took a beating, losing 5.3% to close...
...stock-market crash...