Wall Street Opens Down Sharply
Wall Street opened sharply downward this morning following dismal December retail news and a growing feeling that the "Santa Claus rally" was just like its namesake -- it showed up for short time in December and then went away.
In the first 15 minutes of trading, the Dow Jones industrial average is down 185 points, or 2.2 percent.
The S&P 500 and the Nasdaq are both down more than 2 percent.
There was a feeling among some of the most bullish in late December and early January that the worst may have passed, and that was reflected in the market's mini-rally.
But as the bad news keeps piling up -- today's poor retail sales report, Nortel's bankruptcy, Deutsche Bank's $6.4 billion fourth-quarter loss, California's foreclosures shooting back up -- the markets are responding in kind.
If the Dow closes lower today, it would be the fifth straight day of losses -- a trend that testing the November lows for the Dow.
January 14, 2009; 9:51 AM ET
Categories: The Ticker | Tags: Dow Jones, bankruptcy, foreclosure
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