WALL STREET PROFIT NEWS
Financial News and Editorial Source.
 

DOW Jones Industrial Average Drops -315.79 points, 3.02% to End the Week, Caping a 4th Straight Monthly Decline.

Stocks extend their losses into the close, marking the DJIA's 2nd worst one-day loss of 2008. The DJIA drops -315.79 points, testing the lower limits of the bearish wedge technicians have been watching closely. Meanwhile, the Transports (TRAN) sheds 2.68% or -125.41 points, closing down to 4550.58. If you recall, we made a call for the transports to fail their 200-day ema which they did and today the index broke below their 50-ema of 4621.70, resuming the down trend of their "death cross." As we stated many times before, watch the Tranis, for they are the blood-pressure gage of the economy. The real nail in the coffin in this failed recent rally attempt or head fake came at the S&P 500, clearly failing its own bearish wedge. As for the NASDAQ (NCOMP), it trades to down to 09/2006 levels, effectively wiping away 1.5-years of gains to date.

To give you an idea of the negative economic and financial news, some of today's leading headlines include:

* Stocks Fall Sharply on Earnings, Oil Prices

* US Stocks Plunge on Inflation Worries

* US Spending UP, But Prices Rise Too

* Moody's Say Ambac Capital Below Target

* Assured Guaranty Jumps on Ross Investment

* AIG Shares Drop; Housing Market Hurts

* Auto Makers Scale Back Production on Strikes

* Warren Buffet Releases His Annual Letter to Shareholders


 

 

Market 

Indices 

Start 

Week 

Ended 

Week 

Weekly 

Change 

% Weeks 

Change 

%
YTD

Change 

% Off 

Highs 

%
Off

Lows 

 DJIA 

12381.02 

12266.39 

-114.63  

-0.9 %  

-7.5 %  

-18.1% 

5.4% 

Nasdaq 

2303.35 

2271.48 

-31.87  

-1.4 %  

-14.4 %  

-23.0% 

3.1% 

S&P 500 

1353.11 

1330.63 

-22.48  

-1.7 % 

-9.4 %  

-19.4% 

4.8 

Russell 2000 

695.43 

686.18 

-9.25  

-1.3 %  

-10.4 % 

-26.0% 

7.7% 


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