Best Buy Warning, No Banking Help, Stocks Sink
The third brutal day for the stock market on the heels of the Feds reneging on their promise to buy bank’s troubled assets and terrible news from the retail sector. Best Buy, the monster electronic retailer, warned of an economy shocking slow down in retail spending, accelerating the already fast paced stock sell off. The DJIA plummeted another -411.30 to 8283, the Nasdaq collapsed -81.69 to 1499 and the S&P 500 is down over 45% from its October 2007 record high and only 1.5% off its 5 year lows with a whopping -46.65 to 852.
American Express
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PowerRating) – Fell 10.49% or $2.35 to $20.05/share after rumors surfaced that the company may need government assistance.
Bob Evans Farm
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Diana Shipping
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Morgan Stanley
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Oil dropped another $3.17 to $55.92, gold gave back $14.50 to $718.30 and the fear index VIX climbed 8.17% to 66.46
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