Monday, February 23, 2009

“The markets might be at six-year lows, however the prospects of getting a job are at lifetime lows.” - BLOOMBERG

Why so serious? Plenty of reasons. See below for the state of the economy...
clipped from

“The market has been having another panic attack,” Richard
, who oversees about $50 billion as chief investment officer
at City National Bank in Beverly Hills, California, said in a
Bloomberg Television interview. “Ultimately, we’re going to be
seeing some of the buys of the century in equities likely this
year, but maybe it’s a little too early right now.”

Deere, the world’s largest maker of farm equipment, slid 20
percent to $28.89 and Caterpillar, the biggest maker of
earthmoving machines, lost 14 percent $26.66. The Fed Bank of New
York’s general economic index slid to minus 34.7, the lowest
level since records began in 2001, from minus 22.2 percent in

A gauge of homebuilders in S&P indexes dropped 16 percent.
Hovnanian Enterprises Inc., New Jersey’s largest homebuilder, had
the steepest decline, losing 42 percent to 88 cents.
Wal-Mart Stores Inc. was the only stock to advance among 30
in the Dow average, rising 7.5 percent to $50.02.
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