Stocks Continue to Slide as Recession Fears Grow
Wall Street witnessed another day of selling, after the monthly jobs report raised fears of a recession and more credit-related problems emerged.
The Dow lost -146.70, the Nasdaq Composite -8.01, and the S&P 500 -10.97.
Non-farm payrolls declined by 63,000 in February, after a revised decline of 22,000 in January. The bleak news, which prompted talk of a recession, was not what traders had been hoping for to start the day. Shortly after, Thornburg Mortgage
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PowerRating) warned it may not survive the credit crunch.
Carlyle Capital failed to meet further margin calls today, after defaulting on its $21.7 billion portfolio yesterday.
National Semiconductor
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PowerRating) provided some good news, rising nearly 12% after beating earnings estimates.
And finally, Ciena
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PowerRating) rose more than 11%, also after beating estimates.
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