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FRIDAY, NOVEMBER 27, 2009
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Citi Paces Dow's 248-Point Drop

Economic news and financial upheaval mean losses for stocks

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(Newser) – Financial shares led stocks to deep losses today as a set of economic reports did little to reassure investors, MarketWatch reports. Citigroup lost 23.05% on news it will shed several units, while an index fund of financial shares dropped nearly 5%. The Dow closed down 248.42 at 8,200.14. The Nasdaq shed 56.82, settling at 1,489.64, and the S&P 500 dropped 29.17 to close at 842.62.

Reports on retail sales and import prices showed sharp declines in both. Consumer discretionary stocks felt the pain, with Nordstrom dropping 8.5% and Goodyear Tire down 2.6%. The Federal Reserve released its “beige book” report, showing contraction in most industries nationwide. “Most districts reported that layoffs continued,” it said, and “a substantial number of job reductions in the financial sector have yet to show up in payroll statistics.”

Traders work on the floor of the New York Stock Exchange today.
Traders work on the floor of the New York Stock Exchange today.   (AP Photo)
Traders work at the post that handles Citigroup on the floor of the New York Stock Exchange today.
Traders work at the post that handles Citigroup on the floor of the New York Stock Exchange today.   (AP Photo)
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When you look at the reports this week, trade balance, the decline in retail sales, the decline in import prices, you realize how deeply mired the U.S. economy is in a recession.
- Hugh Johnson, Johnson Illington Advisors.

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Read more on the Beige Book report
Bloomberg

Retail sales plunge 2.7% in December
CNNMoney

US import, export prices fall
Reuters


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retail • Citigroup • Federal Reserve • Dow Jones • Nasdaq • S&P 500 • Beige Book • Goodyear • Nordstrom • financial crisis

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