Word: tuesday
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Faced with ubiquitous signs of global economic meltdown, investors sold stocks in force on Tuesday, dragging the broad market indexes down near the lows reached last November. The Standard & Poor's 500 index, weighed down by financials, fell 4.56%, while the Dow Industrials sank 3.8%, falling to within a fraction of its November 2008 low. Among the hardest hit sectors were bank stocks, down 10%, oil service stocks, down 8.2%, and semiconductor stocks, which fell 6.7%. Gold Mining was among the rare winners Tuesday, with the industry group rising 2.5%. (See pictures of the top 10 scared traders...
...fall 34% in 2009. In lowering its estimate, Credit Suisse analysts added a note of caution to the grim forecast: "We worry that while financial earnings have already seen considerable weakness, non-financial earnings have further to fall." Faced with such pessimism, the S&P finished Tuesday's session at 789, below the 800 'technical support" level that analysts feel was critical to maintaining investor confidence...
That perception is leading investors to take cover, even in the face of hopeful news. Indeed, as the market sank on Tuesday, President Obama not only signed the $787 billion stimulus into law, but added that there could be yet another stimulus package if needed. Moreover, recent reports from the credit markets indicate that the great credit freeze may finally be starting to thaw. Morgan Stanley says that its analysts are seeing an improved credit landscape in most of the industries they track. "With the exception of utilities, a clear majority of firms in every other sector reported that credit...
Afghanistan became President Obama's war on Tuesday, when he ordered two more U.S. combat brigades into the fight. He will send 17,000 combat troops to join the 36,000-strong U.S. force already in the theater. The fact that the units now ordered to Afghanistan had originally been slated for Iraq underscores the new Administration's shift in priorities...
...point in the future. But sending any additional troops to Afghanistan would require reducing U.S. troop levels in Iraq, and Obama has ordered a review of U.S. strategy in Afghanistan before committing to further reinforcements. Defense Secretary Robert Gates explained last week that the units ordered to Afghanistan on Tuesday had to be given their marching orders before the Administration's strategy review could be completed because of the pressing need for reinforcements...