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Citigroup Woes Sink Stocks

Posted Jan 15, 08 3:31 PM CST in Business 

(Newser) – Stocks plunged today on news of Citigroup's big losses and surprisingly poor retail numbers. This is the worst start to a year by the S&P 500 since 1978, reports Bloomberg. "There seems to be no end of bad news,'' says one exec. The Dow was down 277.04 to 12,501.11, the Nasdaq 60.71 to 2,417.59, and the S&P 35.3 to 1,380.95.

Apple shares also fell fast after new offerings unveiled at MacWorld today failed to impress investors. Meanwhile, analysts say Citigroup may now have a tough time convincing the public to trust its forecasts. "We probably need to see the first quarter stuff pass before people are really going to believe what they hear," says one manager.

Sources Bloomberg, Wall Street Journal, CNN, Financial Times (UK)

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The Citigroup Center is photographed Tuesday, Jan. 15, 2008 in New York. Citigroup Inc. lost almost $10 billion in last year's final three months, the largest quarterly deficit in the bank's 196-year...   (Associated Press)
Trader Michael Quinn takes a breather as he works on the floor of the New York Stock Exchange Tuesday Jan. 15, 2008. Stocks skidded Tuesday after weak economic news and a disappointing quarterly report...   (Associated Press)
Specialist James Maguire Sr., second left, works at his post on the floor of the New York Stock Exchange Tuesday Jan. 15, 2008. Stocks skidded Tuesday after weak economic news and a disappointing quarterly...   (Associated Press)
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