Stock Trading News – Stocks Speed Their Descent – Wall Street Journal
The New Year’s stock drubbing accelerated last week, with the Dow Jones Industrial Average falling 4% and the Nasdaq Composite Index dropping 4. Last week, huge write-downs at Citigroup and Merrill Lynch brought the industrywide write-downs related to subprime mortgages to over $100 billion. Responding to the increasing signs of economic weakness, President Bush Friday called for a stimulus package of up to $150 billion to help boost business and consumer spending. Small stocks are down 21% from their record last July, as measured by the Russell 2000 index, putting them in a bear market. read more
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