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Stocks Continue To Get Trounced |
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Written by Value Seeker
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Tuesday, 08 January 2008 |
The S&P 500 is now down over 5% for 2008 after selling ensued in the later hours of today's trading session.
The S&P and Dow were both down about 1.85% today, with the Nasdaq lower by 2.3%.
Small caps and tech have fared worse so far in 2008 than large-caps. The Russel 2000 index is down 7.75 and QQQQ is down 8.4%.
Most of the selling is due to recession-related fears, though it seems that panic may be the primary motivator behind investors' decisions to dump stocks. Given the Fed is widely expected to cut rates by .5% at the next meeting, a lot of investors fear that if the Fed doesn't cut or only cuts by .25% again, even more rampant selling may occur.
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