Sunday, March 8, 2009

Market's Weekly Recap (Ending 06-Mar-09)

It was a tough week for the stock market caused by many negative economic data and investor sentiment, causing all U.S. index dropped deeply. The S&P 500 dropped 7.0 % (traded at its lowest level in 12 years), while Nasdaq and Dow dropped 6.1 % and 6.2 %.

The decline in the market started on Monday, where AIG reported a massive $61 billion quarterly loss. This was the largest company loss in U.S. corporate history. Another bearish sentiment increased when HSBC(ticker: HBC) reported a mass profit drop, made this company cut 6.100 jobs and reduced it dividend. Wells Fargo (ticker: WFC) and U.S. Bancorp (ticker: USB) are also announced that they will cut their dividends by roughly 85% to $0.05 per share in an effort to save capital.


Twitter Delicious Facebook Digg Stumbleupon Favorites More

Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Free Samples By Mail