U.S. stocks tumbled to a three-month low, extending a global slump, as a record contraction in New York manufacturing spurred concern the government’s stimulus package won’t be enough to curb the deepening recession.
The S&P 500 retreated 4.6 percent to 789.17, dropping below 800 for the first time since November. The Dow Jones Industrial Average plunged 297.81 points, or 3.8 percent, to 7,552.6, less than half a point above its 2008 bear-market closing low. The Russell 2000 Index slid 4.3 percent. U.S. markets were closed for President’s Day yesterday, when shares in Asia and Europe fell.
(Bloomberg.com)
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Buy SKF, with a 5% stop loss order. You’ll make money. The banks are going to continue to tank with Obama’s new plan in action.
“CHANG WE CAN BELIEVE IN”