The negative news I have been talking about all week caught up with the stock market. On Jan 31, Dow closed at 12,650. Today the Dow was down 315 to 12266, or down 400 points for the month! NAZ was down a whopping 60 & NYSE decliners were ahead of advancers better than 6-1, a red kind of day. I don't focus on NAZ stocks, but their leaders have taken a beating lately. Take a look at Dell (DELL), Microsoft (MSFT), Apple (AAPL ), Starbucks(SBUX), Google (GOOG), etc. The corp & economic scenario is getting ugly & housing, mortgage, loan, commodity prices, etc. problems don't look like they're going away soon.
The stock market plunge helped send Treasury prices higher. The yield on the 10 year Treasury dropped 15 basis points today to 3.52%. In the Treasury market that movement is considered enormous & is fueled by the classical "flight to safety." Gold is at record levels over 970 an ounce, spelling uh-oh for stocks going forward.
No comments:
Post a Comment