Dow Off 223 on Japan, Retail Woes

Manufacturing rises, but it's likely a mirage

By Nick McMaster, Newser Staff

Posted Nov 17, 2008 3:15 PM CST

(Newser) – Stocks seesawed to losses today as investors absorbed bad retailer reports and news that Japan’s economy had entered a recession, MarketWatch reports. The Dow fell 223.73 to close at 8,273.58. The Nasdaq lost 34.80, closing at 1,482.05, while the S&P 500 shed 22.54 to settle at 850.75.

Target and Lowe’s reported big third-quarter profit drops, and Citi announced plans to slash 50,000 jobs. Economic news was conflicted, with borrowing costs rising slightly in the 3-month timeframe but falling for overnight loans. The Federal Reserve reported that overall national manufacturing activity jumped 1.3% in October, but the bump was largely due to just how low activity was in the previous month.

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Traders work on the floor of the New York Stock Exchange today. (AP Photo)

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We're expecting this bear market to last well into next year. The long term doesn't look good at all.
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Dow Off 223 on Japan, Retail Woes