Dow snaps four-week losing streak
UPDATED at 5:16 p.m.
Even though the Dow closed down for the day, it managed to erase its losses on the week and closed up nine-tenths of 1 percent, snapping a four-week losing streak.
The Dow closed down four-tenths of 1 percent at 10,099.14.
The broader S&P 500 closed down three-tenths of 1 percent at 1,075.51
The tech-heavy Nasdaq, however, closed up three-tenths of 1 percent 2,183.53.
Month-to-date, the Dow is up three-tenths of 1 percent and year-to-date it is down 3.2 percent. Year-to-date, the S&P 500 is down a little more than the Dow and the Nasdaq is down 4 percent.
Interestingly and perhaps coincidentally, the current market depression is coming just about one year after the big market dive that sent the three major indexes to their early March trough.
Markets will be closed for the Presidents Day holiday on Monday.
Stocks open down sharply on China news
9:53 a.m.: Stocks opened down sharply after China, for the second time in month, told its banks to raise more reserve cash.
In the first 20 minutes of trading, the Dow is down 1.4 percent.
The broader S&P 500 is down 1.3 percent and the tech-heavy Nasdaq is down 1.1 percent.
China is trying to create a U.S.-like bubble from occurring in housing construction, which is on a runaway pace, so the central government is forcing banks to hold onto more capital -- and lend less -- to slowly deflate the bubble. The markets don't like this because it means slower growth.
In other news this morning, January retail sales were up half of 1 percent, beating expectations of three-tenths of 1 percent, according to Commerce Department figures out moments ago.
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February 12, 2010; 5:16 PM ET
Categories: The Ticker , Wall Street | Tags: China, Dow Jones, nasdaq, retail, s&p 500
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