S&P HITS 12-YEAR LOW AS U.S. STAKE IN CITI STIRS FEAR – RSI PULLS IN ITS HORNS February 27, 2009
Posted by Marlowe Cassetti in BIL, EFR.trackback
Today in the market, Friday, February 27, 2009: stocks fell and the S&P 500 marked its worst-ever start to a year on Friday, after the government said it will take a large stake in Citigroup’s common shares, fanning fears it will increase its role in other major banks.
The decline closed out a grim month on Wall Street, with the Dow industrials hitting the lowest level since May 1997 as the blue-chip index fell for a sixth straight month. Data showing the U.S. economy shrank at an annual rate of 6.2 percent last quarter also weighed on the market.
Friday’s close marked the lowest level for the S&P 500 since December 1996. The S&P 500 is down 18.62 percent since the start of the year, its worst two-month start on record.
U.S. stocks have lost $10 trillion since peaking in October 2007. For the week, the Dow fell 4 percent, the S&P 500 slid 4.5 percent and the Nasdaq dropped 4.4 percent.
For the month, the S&P fell 11 percent and the Nasdaq shed 6.7 percent. The February decline for the S&P 500 was the second worst on record, after an 18.4 percent slide in 1933 during the height of the Great Depression. (headline & commentary courtesy of Yahoo Finance)
ETF/CEF Low Volatility:
- BIL – SPDR Lehman 1-3 T-Bill
ETF/CEF High Volatility:
- EFR – Eaton Vance Senior Floating Rate Trust
ETF/CEF Discussion: With the market drop today confirming its relentless downward progress, RSI has pulled in its horns and made two conservative picks. The world economy is in the dumps and today I heard someone refer to the D word. You mean it’s worse than a recession?
Have a great weekend, and don’t let this market get you down.
Just dropping by.Btw, you website have great content!
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