Stocks tumble to new lows...

[Jed K]

Not very encouraging news.

CNNMoney.com Wrote:Stocks tumbled Tuesday after Citigroup's steep quarterly loss and a big drop in retail sales exacerbated fears of a recession.

The Dow Jones industrial average (INDU) lost around 277 points, seeing its biggest one-day point loss of 2008. The decline left the Dow at a 9-month low.

The broader S&P 500 (INX) index lost 2.5 percent and fell to a 10-month low. The Nasdaq composite lost 2.5 percent and fell to a nearly 10-month low.

Treasury prices rallied as investors sought safety in government debt, sending the 10-year note yield down to a nearly four-year low. The dollar slipped versus the yen and gained versus the euro. Oil and gold prices fell.

After the close Tuesday, Intel (INTC, Fortune 500) reported quarterly results and an outlook that disappointed investors, sending shares of the chipmaker tumbling in after-hours trade.

Intel also knocked stock futures lower, suggesting a big selloff at Wednesday's open.

The short-term outlook for the market looks pretty miserable, said Donald Selkin, director of research at Joseph Stevens. He said that stocks are looking at more declines, unless some really strong earnings come out or the Fed takes action ahead of the next policy meeting.

(Full article @ http://money.cnn.com/2008/01/15/markets/...tm?cnn=yes)

Do you think the worst is over for the financial sector? Not likely.

[bizwiz]

Yup it's bad news for all of us. The sub prime crisis has really took it's toll on well known international banks. I hope they can weather the storm.

[hideip]

This thread is a little older however I believe that news doesnt really mean much and it doesnt reflect the strength of our economy. Yes we may be headed for a small recession, however things will bounce back. There are always going to be times when the economy takes a step down and then goes back up. Theres absoluetly nothing to worry about

[tabishis]

hideip Wrote:This thread is a little older however I believe that news doesnt really mean much and it doesnt reflect the strength of our economy. Yes we may be headed for a small recession, however things will bounce back. There are always going to be times when the economy takes a step down and then goes back up. Theres absoluetly nothing to worry about

I agree that US economy will turn around soon. But think about those fellow Americans that have lost their jobs and can not get out of debt. They will continue to struggle even in good economic times to get rid of all the debt accumulated in their worst financial times.