StockOrder
Joined: 28 Apr 2006
Posts: 11
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 Posted: Sat Jan 26, 2008 1:52 am Post subject: Market update - 25 Jan 2008 |
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Stocks Fall, Giving Up Early Gains
Friday January 25, 5:39 pm ET
US Stocks Cap Volatile Week With Sizable Decline; Microsoft Results Help Tech Index
NEW YORK (AP) -- Wall Street ended a tumultuous week with a sharp decline Friday, backtracking following two days of stunning gains as investors turned cautious and cashed in some of their winnings. The Dow Jones industrial average still managed to record its first weekly advance of 2008, even as it fell more than 170 points on the day.
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The week, which started with a 465-point drop in the Dow soon after the market opened Tuesday, showed that the stock market is still fractious but may be going through healthy process of trying to establish a bottom following weeks of sharp declines.
More here: http://biz.yahoo.com/ap/080125/wall_street.html
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Stimulus package, 3 quarters of a percent "surprise" interest rate cut by the RB etc.
IMO, the above is welcome but a little too late and is not going to help investors sentiment much. The writing is on the wall - US recession!...it is all bad news from here and bad news do bad things to stock markets. Investors had a great 5 years run and everyone wants to sell and lock in their profits...hence DOW 8500-10000 points here we come.
Mind you that sub prime crisis is far from over and is still unfolding. Many analysts are predicting "severe" US recession this time around.
ASX to (unfortunately) follow.....4000 points within probably a month.
My two cents. |
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