Stocks fall on economic worries

Today began with so much hope, based on the enormous stimulus package announced by China. But the Dow fell 300 points from the highs reached early in day, ending near their lows with a net point drop of 73. Decliners led advancers 2-1 & NAZ dropped 30 led by Google (GOOG) falling 14, near a multi year low, on worries about its earnings.

S&P 500 FINANCIALS INDEX fell 8½ to 184. Alerian MLP Index dropped only 2½ while the Dow Jones REIT Index fell a big 14½ to 144 just inches from its low multi year low set a couple of weeks ago. The VIX popped almost 4 to 60 as even higher levels of fear are returning to the markets. Oil ended with a 1 point gain to 62, rather muted considering all the enthusiasm regarding increased spending by China's gov.

Now Goldman Sachs (GS), down 6.57, looks like it will report its first loss since going public in 1999 bringing its stock price near the lowest levels in the last 9 years. Despite their premier status, they may fall prey to the credit crisis requiring a bailout:

Goldman Shares Fall to 5-Year Low on Loss Estimates (Update1)


Goldman Sachs --- 9 years





Reality will be the main market driver this week led by gloomy numbers from retailers & worries about very big companies. Maybe we should all pray for General Motors, Las Vega Sands, AIG, Goldman Sachs, etc., etc., etc.

SeekingAlpha just published my current article on the S&P 500 Dividend Aristocrats, giving ideas about investing in quality securities during these troubled times:

S&P 500 Dividend Aristocrats and Your Portfolio

I'll be off tomorrow, hope everybody is well.