Friday, March 6, 2009

The Recession Deepens; Dow Closed Below 6,600

The Dow fell and closed at 6594.44, due to concerns about the banking systems and the future of GM. The government's Friday employment report also exacerbated the losses.

About banking, Citigroup stock price fell below $ 1 ( and ended at $ 1.02). Citi's price dropped because of several reasons, some because of loans problem and impact of the recession. It was also reported that Citigroup received no new capital last week.

GM's stock price decreased and its price closed at $ 1.86. Market worried that GM has a possibility to bankrupt.

Although many companies experienced a significant drop of their price, Wal-Mart's stock price increased to $ 49.75. The company posted better-than-expected sales results for February, and it raised its annual dividend by 15 percent.

all this uncertainty made long-term investors decide to not enter the market yet, don't you?


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