Stocks Slide on Corporate Earnings, Writedowns

Stocks tumbled today, as the major indexes opened lower and
fell through the session. Massive corporate writedowns and disappointing retail
numbers led to selling across the board today, as investors continue to reel
from subprime, housing and economic worries.

Citigroup
(
C |
Quote |
Chart |
News |
PowerRating)
fell 6.3% in morning trading after posting the
company’s largest loss in history (full
story
).

Foot Locker
(
FL |
Quote |
Chart |
News |
PowerRating)
plummeted 12.7% after being downgraded from Neutral
to Sell at Goldman Sachs (full
story
).

State Street
(
STT |
Quote |
Chart |
News |
PowerRating)
sank 5.9% after reporting a substantial drop in
profit stemming from a $279 million charge (full
story
).

Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating)
dropped 5.2% after announcing raising $6.6.
billion from mostly Asian investors (full
story
).

Gold hit fresh record highs today on recession worries and dollar weakness.
Oil prices fell over 2% on speculation that economic weakness will hurt energy
demand.

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Market Snapshot

Dow


237.04
12541.11

NASDAQ


48.84
2429.46

S&P 500


29.49
1386.76

Strongest/Weakest Industry Groups

Strongest Industries

% Change

Weakest Industries

% Change

Airlines

+3.97%
General
Contractors
-6.07%
Home
Furnishing Stores
+0.53%

Consumer Electronics
-6.05%

Security and
injectable clomifene citrate online in australia Protection Services

-0.37%

Apparel Stores

-5.85%

Economic
News


U.S. Producer Prices fell 0.1% in December, more than expected.