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October 13, 2008 3:02:47 AM CDT

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Stocks Fall as Early Rally Fades

Posted Jan 18, 08 4:00 PM CST in Business 

(Newser) – Stocks fell for the fourth straight session today as fears that President Bush’s stimulus plan will not be enough to stave off a recession dissipated an early rally, MarketWatch reports. The Dow ended down 59.91 at 12,099.30, and the Nasdaq fell 6.88 to close at 2,340.02. The S&P 500 dropped 8.06 points to 1,325.19, capping its biggest weekly loss in 5 years.

The markets initially looked as though they might rebound after strong fourth-quarter earnings reports from IBM and GE. But a feeling that the stimulus plan was not as strong as had been expected soured sentiment, as did Sprint’s report of poor results, which stoked fears that the housing slump is affecting consumer spending.

Sources: MarketWatch, Bloomberg, Wall Street Journal

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Traders work on the floor of the New York Stock Exchange January 18, 2008 in New York City. Stocks continued to slide in afternoon trading despite the announcement of US President George W. Bush's economic...   (Getty Images)
Stock market traders negotiate at the New York Stock Exchange, 18 January 2008. US stock markets opened higher after The Dow Jones Industrial Average sank 2.46 percent the previous day to close at 12,159.21,...   (Getty Images)
A trader works on the floor of the New York Stock Exchange January 18, 2008 in New York City. Stocks continued to slide in afternoon trading despite the announcement of President Bush's economic stimulus...   (Getty Images)
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