Posted on 03/02/2009 3:30:07 AM PST by TigerLikesRooster
Stock futures indicate Dow to fall below 7,000
By Steve Goldstein, MarketWatch
Last update: 6:11 a.m. EST March 2, 2009
LONDON (MarketWatch) -- U.S. stock futures dropped Monday as financial giants like American International Group and HSBC Holdings took moves to raise more capital and as Warren Buffett said the economy would be in "shambles" this year.
Futures on the Dow Jones Industrial Average (DIA) indicated a retreat below the 7,000 level, as the March contract dropped 108 points to 6,944.00. S&P 500 futures (SPY ) fell 14.8 points to 719.40 and Nasdaq 100 futures (QQQQ ) fell 19.75 points to 1,097.20.
U.S. stocks dropped on Friday, and closed the month with its worst performance since 1933. The S&P 500 dropped 10.9%, and has dropped 18.6% so far this year, the worst start to the year on record.
"The path to least resistance remains down," said Alec Young, market strategist at Standard & Poor's. He said Friday's job report might lead to a "real capitulation."
Monday's key report will be the Institute of Supply Management's report on manufacturing sentiment for February. Personal income data for January also will be released, as will January construction spending.
(Excerpt) Read more at marketwatch.com ...
Ping!
If it wasn’t for the fact that most people have their retirements in 401(k)s and 403 (b)s, most people wouldn’t have to worry about the stock market. This is why we need DEFINED pension plans that are INDEPENDENT of the whims and vagaries of the financial markets. IMO the Dow is acting like a spoiled brat; it throws a temper tantrum (i.e. drops) when things aren’t going its way.
We stand on the sinking ship as our leader has F’in idea what he is doing.
We stand on the sinking ship as our leader has no F’in idea what he is doing.
OK NOW IS THE MEDIA GOING TO FINALLY REPORT THIS IS THE OBAMA CRASH?
Obama will take the market to Zero. He wants to take over free enterprise.
did you not see the Gates interview:
Obama is being analytical...
Sickening suck-up.
What is it that pension plans invest in? I used to work for UPS who still has a defined benefit plan which is completely funded and one of the best around. They invest in financial instruments and real estate. Not sure how it would be immune to "whims" or "vagaries"...
MSM maybe, but for the last week, especially since the budget came out, the business channels, CNBC and Fox Business have laid the blame squarely at 0’s feet. Occasionally they’ll have a guest on who’s bullish on Obama, but for the most part, the business community knows exactly what’s happening and that it’s 0’s fault.
Thank God I’m poor!
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Exactly.
civilization is one meal away from anarchy.
Obama is promising the next crust of bread for you and your children. (figurativly)
Obama is pushing america’s head under water then telling us we are drowning.
Sebelius as health secretary? (Friend of Hillary for Hillary care)
6900 projected and DROPPING folks.
Obamanomics in action.
Second, anyone with half a brain who had been paying attention would have known their funds were becoming more risky, not less. At some point one should have made the rational decision to get out of the market (losses) vs. the penalties & taxes. I made that choice on Nov. 5th. Since then I would have lost another 60% vs. taxes/penalties.
Lastly, everyone in a 401K etc. knows they could lose value. It is printed every quarter on their statements.
No, folks still holding onto 401K and not managing their own money are apathetic fools.
most serious investors I know stayed away from motgage backed securities and intuitivly high risk. Most people understood the sub prime prices were inflated to allow the first bank to sell off higher.
The right now market is being driven down by the government policy.
not whims of the market.
Right now it is a matter of picking the companies that will be around in 5 years or 9 years.
Assuming Obama can not or can duplicate his election.
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