Sluggish economy sinks stocks

Sluggish economy sinks stocks. Dow is down 33, but advancers are slightly ahead of decliners while NAZ is down 26. The Commerce Dept reported revised figures for economic GDP growth in Q4, down 0.6% (same as the original number). This number while matching expectations pales when compared to a 4.9% rate in the prior quarter, the economy is sputtering. Q1 for 2008 is expected to be worse, probably showing a decline. Oil, after surging in initial trading pulled back to break even near 106. Initial buying was influenced by fighting in & around Basra, Iraq, an important oil center.

Google (GOOG), close to my heart as they host my site, was down 15 as they have to endure slowing click thru growth. Their search clicks were down 4.6% & clicks for paid ads were down 3% in Feb, another small measure that the economy is not well. A court ruled that banks can not hold up the $19½B acquisition by Clear Channel (CCU), up 10%, even if they have to take take $3-4B in writedowns because they are likely to have trouble reselling the debt in this credit market.