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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Morning Briefing

Monday's rally seems so long ago.

If the markets overseas are any indication of where U.S. stocks are headed, it's back to the reality that, despite efforts to restore confidence in the financial industry, the economy is likely in a deep recession.

In Asia, the major stock indexes were down slightly, led by Hong Kong's Hang Seng, which fell nearly 5 percent. Japan's Nikkei was up 1 percent. In Europe, stock indexes were mostly down. In London, faced with a new jobs report showing the unemployment rate rose to 5.7 percent, the FTSE fell 3 percent. The DJ Stoxx index fell 2.7 percent.

As we ready for the market open in the United States, several companies will be in the spotlight today: J.P Morgan, Wells Fargo and American Airlines report earnings. Also, we'll be watching Intel's stock. Its quarterly earnings released after yesterday's market close beat Wall Street's expectations by a penny a share.

--Sara Goo

By Sara Goo  |  October 15, 2008; 7:20 AM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Bush Adviser: We Will Not 'Micromanage' Banks
Next: Oct. 16, 2008

Comments

Hey kids. "The government let some businesses fail but is moving to save others by buying their bad investments. This is called a "bailout" and could cost the government a trillion dollars."

The government is going to fix golf kids. Your skills with the club will not matter. By being the worst golfer, the government will allow you to win against the better golfers. When you go to the country club kids, be sure to have a big laugh at the expense of all the poor kids going to bed hungry because you are tax exempt and their moms and dads are busted from paying for higher taxes and gasoline. You can grow up and buy the other kids houses for next to nothing and throw them out on the street while making big money. The government will help you destroy lives and be a winner. The Post wanted a bailout kids and it could go bust and need a bailout, so everybody will get rich by being stupid. The losers can pick the winners. Be good kids. Remember you are paying for the bailout because your parents are a bunch of dopes and the government is a big bunch of dopes. Uncle Freedie and Aunt Fannie will make it good times kids. You can pay all their mortgages, so save your paper route money. Get a second job kids. The kids can help serve the soup.

Posted by: Beau James | October 15, 1908 8:24 AM | Report abuse

"People will have nightmares about the Great Crash of 2008 for years to come." Dr. Dorn

The government will make the nightmares worse as it always does. At best it's a tolerable evil. At worst it an intolerable evil. In any case it's an expensive evil. Now the evil is going to choose the winners and losers. It's called a bailout and since the Post wanted it does that make the Post evil?

The numbers will answer the question. Like magic, with no tricks only market logic to guide us. We can't be misguided.

--------

Posted by: Beau James | October 15, 1908 8:35 AM | Report abuse

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