Dow pulled back again, down 238, mostly in the last couple of hours. Late in the day, the CEO of ATT (T), down 1.87, said they're seeing a slowdown in consumer business, a company which doesn't have many complaints. That may have sparked the late day sell off. NAZ pulled back 59. I don't mention as much about them, but they're down 8% this year in just 5 trading sessions. Tech is selling off big on the expectation of a major slowdown in the US economy which would impact the world, including countries selling (exporting to) the US.
It's difficult to keep track of bank write offs lately, there have been a bunch usually involving billions. The big news story in that field is Countrywide (CFC), down 2.17 to 5.47, another new low (click on their name for more). Last Aug, Bank of America (BAC) invested $2B in a new preferred stock. Also, CFC also got a $12B emergency loan to bail them out. All that looks ugly today.
Meanwhile a little bit of good news, the MLP Index advanced .66 & Coca Cola, one of my stocks, had a 26¢ gain which was cut back late in the day. For those owning gold, it was up 18 to 880.
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