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Written by Value Seeker
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Thursday, 07 February 2008 |
After having one of their best weeks in years, stocks have dropped close to 4.5% over the past three days.
Stocks had rallied last week due to good news regarding rate cuts as well as potential solutions to the bond insurers dilemma. This week, stocks dropped after a worse-than-expected report regarding the service sector which sparked recession fears.
The S&P is now down 9.5% for the year, with the Nasdaq down over 14%. The tech sector of the Nasdaq, QQQQ, is down close to 16.5%. Despite the Fed's most aggressive rate cuts in history (1.25% in 8 days), investors seem overwhelmingly bearish. The market is just barely off of its bottoms set on January 22.
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