Wall Street slides as Dow close marks 6 year low

February 19, 2009 by · Leave a Comment
Filed under: Stock Market News 

We are now at levels where techincal indicators could trigger and bring the market much lower.  I see us breaking 7,000 on the Dow over the next 2 weeks.  We should be lucky that with all the bad news coming out today that the Dow didn’t break much lower.

News:

U.S. stocks dropped, sending the Dow Jones Industrial Average to a six-year low, as Hewlett-Packard Co. cut its profit forecast and concern about rising credit-card defaults dragged financial shares to the lowest level since 1995.

Hewlett-Packard, the world’s largest personal-computer maker, fell 7.9 percent and technology companies were the biggest drag on the Standard & Poor’s 500 Index. Bank of America Corp. and Citigroup Inc. fell 14 percent each to lead the Dow’s retreat. Prudential Financial Inc. slid 16 percent after losing its ability to borrow under a government program because of a credit-rating downgrade.

The S&P 500 slid 1.2 percent to 778.94, extending its 2009 loss to 14 percent in its worst start to a year. The Dow dropped 89.68 points, or 1.2 percent, to 7,465.95, the lowest since October 2002. The Russell 2000 Index declined 1.5 percent.

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