Rank: Member
Joined: 10/18/2008
Posts: 22
Location: Cape Town, South Africa
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Yesterday was another ugly day for stocks, with bourses around the globe falling victim to strong selling pressure. Oversold conditions have so far not produced more than a temporary reprieve, and nobody knows how far down this bear market will fall. Until we see more signs of base formations being developed, one should tread very cautiously. The link is: http://www.investmentpostcards.com/2008/11/20/economic-woes-torpedo-stock-markets/
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Rank: Newbie
Joined: 12/3/2008
Posts: 7
Location: delhi
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Reporting from New York -- Stocks finished sharply lower Monday after zigzagging throughout the day as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector.
After a turbulent week that sent the Dow Jones industrials down nearly 340 points, the index lost an additional 223 points Monday.
In a signal that banks are still struggling in the wake of massive losses tied to bad mortgage debt, Citigroup Inc. said it would remove about 52,000 jobs from its payroll in the coming quarters.
Investors were also nervously waiting to see whether Detroit's troubled automakers would get a bailout. Senate Democrats planned to introduce legislation Monday that would use funds from the $700-billion financial rescue measure to prop up General Motors, Ford Motor and Chrysler. The Bush administration opposes using those funds to help the carmakers. A vote was expected as early as Wednesday.
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