Dow Plummets Nearly 680 on Consumer Spending Worries
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http://apnews.myway.com//article/20081201/D94Q677O0.htmlNEW YORK (AP) - The reality that the nation is indeed in recession and that the downturn may well be prolonged sent Wall Street plunging Monday, hurtling the Dow Jones industrials down nearly 700 points and wiping out more than half of last week's big gains. All the major indicators fell more than 7 percent, with the Standard & Poor's 500 index down nearly 9 percent.The market spent the day absorbing a litany of bad news that convinced investors that the optimism that fed a 1,276-point gain in the Dow over five sessions was premature. Stocks first slid on initial reports that the first weekend of the holiday shopping season, while better than some retailers and analysts feared, saw only modest gains. That had Wall Street worried that the rest of the season would be disastrous, a troubling thought not only for retailers but for an economy that is dependent on consumer spending for its growth.According to figures released by ShopperTrak RCT, a research firm that tracks total retail sales at more than 50,000 outlets, sales over Friday and Saturday rose just 1.9 percent.Meanwhile, downbeat economic reports on the manufacturing sector and construction spending only added to investors' concerns. Speeches from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson also did little to assuage investors about the downturn.The day's news reminded investors, who last week were buying on a burst of optimism, that the economy is still in serious trouble. Then, at midday, Wall Street got confirmation of what everyone has suspected for months, that the nation is indeed in a recession. The National Bureau of Economic Research, considered the arbiter of when the economy is in recession or expanding, said the U.S. recession had begun a year ago, in December 2007.That assessment made the retail sales figures all the more unnerving."Unfortunately, two-thirds of the American economy is based on the spending of the American consumer," said Mike Stanfield, chief executive of VSR Financial Services. "When the consumer pulls back, it's very hard for the economy to gain much traction."Investors had been hopeful that last week's rally - when the major indexes shot up by double digit percentages - was a sign that some stability had returned to a market badly shaken by months of discouraging economic data. But analysts expect economic concerns to weigh on the market for some time to come."Everyone knows the recession is on us, the question is now will it be short and shallow or long and severe," Stanfield said.Chuck Widger, chief executive of investment management firm Brinker Capital, expects the volatility to continue until investors have better visibility on the future."Investors are looking for better data on the economy," he said. "We've got baked in pretty nasty assumptions for the economy this quarter. The markets are looking ahead to the first quarter for data that will confirm or deny the bad news."Although Monday's plunge was notable because it cut short a five-day rally - the first such winning streak for the Dow and the Standard & Poor's 500 index since July 2007 - it also fit what has become a pattern on Wall Street. The market has made a number of big, optimistic moves higher, including triple-digit gains in the Dow, only to quickly give them back as another batch of bad news arrives.According to preliminary calculations, the Dow Jones industrial average fell 679.95, or 7.70 percent, to 8,149.09. The S&P 500 index dropped 80.03, or 8.93 percent, to 816.21, while the Nasdaq composite index fell 137.50, or 8.95 percent, to 1,398.07.Only 218 stocks were in positive territory on the New York Stock Exchange with 2,693 declining. Volume came to 1.62 billion shares.The Russell 2000 index of smaller companies fell 56.07, or 11.85 percent, to 417.07.Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.76 percent from 2.92 percent Friday. The yield on the three-month T-bill, considered one of the safest investments and an indicator of investor sentiment, slipped to 0.02 percent from 0.05 percent Friday. The lower the yield, the more anxious investors tend to be.The market received no relief after a pair of speeches from Paulson and Bernanke about the economy.Paulson said the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama administration. The program has distributed $150 billion out of the $250 billion earmarked to buy stock in banks as a way to boost their resources so they can lend more.
Blake
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Name:"The Prodigy" BlaKeHeight/Weight:5' 11" 240lbsHometown:Lowville, New YorkExclusive Finisher:The Aftermath (Super Kick)Secondary Finisher:Prodigy Plunge (Swanton Bomb 2)Triangle Choke (Triangle Hold)Signature Moves:Takedown (Judo Leg Sweep)The Beatdown (Fury Strikes)Stomach Buster (Gutbuster 1)
It's official: U.S. is in recession; began in late 2007
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WASHINGTON - The economy fell into recession late last year, according to a panel of economists that is responsible for determining the dates of business cycles.Monday's declaration by the panel of the National Bureau of Economic Research confirms what many private economists, lawmakers and members of the general public already have assumed and puts an official date on it: A U.S. recession began in December 2007.That was the same month employment peaked, and the economy began shrinking in a downturn that has been exacerbated by the financial crisis that took hold of markets beginning in September.
2009 Kentucky-Ohio Polar Bear Plunge
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2009 Kentucky-Ohio Polar Bear Plunge for Special Olympics Promotional Video
2009 Lake Cumberland Polar Bear Plunge
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2009 Special Olympics Kentucky Lake Cumberland Polar Bear Plunge Promotional Video
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