Grim News Rocks Markets – So goes January? January 29, 2010
Posted by Marlowe Cassetti in IYZ.trackback
Stocks dropped on Friday, as worries about fiscal turmoil in Europe and a drop in technology stocks pushed the S&P 500 to its worst monthly decline since February 2009.
Uncertainty about the fiscal stability of Greece, Portugal and Spain caused U.S. investors to pull back from early gains, even as Greek and European Union officials said there was no chance of a Greek default or EU bailout.
The Dow Jones industrial average dropped 53.13 points, or 0.52 percent, to 10,067.33. The Standard & Poor’s 500 Index lost 10.66 points, or 0.98 percent, to 1,073.87. The Nasdaq Composite Index fell 31.65 points, or 1.45 percent, to 2,147.35. (market commentary & photo courtesy of AP)
Grim news fuels a grim market selloff. I’m surprised that today’s market action hasn’t triggered any further stop loss selling in my portfolio. My holding in iShares Dow Jones US Telecom (IYZ) is moving ever closer to its stop. We have to wait and see what transpires.
I’m glad to see an end to January. What about the old saw … So goes January so goes the year. Let’s hope this is not the case this year.
Catch you next month.
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