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Dow Ends Blah Week Down 45

Financials see gains for the day

By Nick McMaster, Newser Staff

Posted Jan 23, 2009 3:42 PM CST

(Newser) – Stocks were mixed today as bargain buying in the financial sector bolstered some amid a torrent of poor earnings and outlooks from GE, Xerox, Harley Davidson, and AMD, MarketWatch reports. The Dow fell 45.24 points to close at 8,077.56. The Nasdaq gained 11.80, closing at 1,477.29, and the S&P 500 gained 4.45 points to close at 831.95.

Citigroup and Bank of America advanced 9% and 11%, respectively, after enduring a weeklong sell-off. The S&P’s financial sector was its strongest category for the day, but the index’s gain of a few points doesn’t change the fact that it is heading towards a six-quarter streak of losses. Of the 44% of firms on the index that have reported earnings this quarter, over half suffered losses.

For the week, the Dow lost 2.5%, the Nasdaq fell 3.4%, and the S&P 500 slipped 2.1%

[Images (3)]

[Quotes (1)]

Traders Dave Henderson, left, and Ted Weisberg confer on the floor of the New York Stock Exchange Friday, Jan. 23, 2009. (AP Photo/Richard Drew)

Bank of America Specialist Inc., Mark Rooney, works at a post on the floor of the New York Stock Exchange Friday, Jan. 23, 2009. (AP Photo/Richard Drew)

Traders work on the floor of the New York Stock Exchange Friday, Jan. 23, 2009. (AP Photo/Richard Drew)

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Before the credit crisis, financials contributed 34% of the dividend income on the S&P, but now they are under 20%.
- Howard Silverblatt, senior index analyst for Standard & Poor's.

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Dow Ends Blah Week Down 45