Stocks tumble, wipe out Dow's '04 gains

[displacedtexan]

Stocks tumble, wipe out Dow's '04 gains

Oil price rise, decrease in consumer confidence are blamed for declines

From Wire Reports
Originally published January 22, 2005


NEW YORK - U.S. stocks tumbled yesterday, wiping out the last of the Dow Jones industrial average's 2004 gain, as higher oil prices and a drop in consumer confidence overshadowed better-than-expected earnings from General Electric Co. and United Technologies Corp.

Benchmark indexes recorded a third straight week of losses.


The Dow retreated 78.48 to 10,392.99 yesterday; the Standard & Poor's 500 index fell 7.54 to 1,167.87; and the Nasdaq composite index declined 11.61 to 2,034.27.

The Dow has dropped 3.6 percent this year, after gaining 3.2 percent in 2004. The benchmark fell 1.6 percent this week. Meanwhile, the Nasdaq slid 2.6 percent this week and is down 6.5 percent this year.

The last time those two benchmarks started a year with three weeks of declines was 1982.
http://tinyurl.com/5g2q8

Hm.............

1982?

It figures.

[JNelson6563]

1. Yes, this year is off to brutal start

and I think it's going to get worse.

Julie

[harper]

2. Gee, I guess they got the inauguration over with

No need to keep up the pretense that the economy is fine and dandy.

[DrBB]

3. A ringing endorsement

...of the new regime on Inauguration Day.

Probably reflects a recognition that the Soc. Sec. Phaseout Plan is dead on arrival, so that tsunami of money the brokers were looking forward to won't be coming.

[cornermouse]

4. We sure hope so.

[sorechasm]

6. 911!911!911!911!911!...

I can think of no other reason why an economy that is 'recovering' seems slumbering...

Oh... Unless you consider $200B+ on a failing war, no economic policy except a multi-billion $ government give-away to the rich, a President who wants to start wars around the globe, and few prospects for new growth.

But who wants to look at facts. Laura looked so pretty the other night.

[Eurobabe]

5. Crash in February

I've read this for more than a few months now. The Perfect Storm is going to catch up with Wall Street, hence the need for the "cash injection" of those social security accounts.

[ckramer]

7. Dow at 7400, that's the prediction I have read

It's gonna be bloody.

[FreeStateDemocrat]

8. How will investing in this market assure the future solvency of SS?

[The Backlash Cometh]

9. OH, yeah. The fact that 50% of Americans are convinced that

the Republicans stole another one has no bearing on this.

:eyes:

[yella_dawg]

10. No chance that the slide was a result

of the Monkey King's little announcement of perpetual war. Nope, no way. Consumer confidence. Yeah, that's it.