The 16-month-old bear market added another «worst ever» to its list of accomplishments today, sending stocks plunging in the weakest start to the month of March in market history.
Every stock in the big-cap Nasdaq 100 ended the day lower — with the lone exception of drug developer Warner Chilcott (NASDAQ: WCRX), which added 0.8% on an upgrade.
The major indexes lost 4% or more each, and even Dell (NASDAQ: DELL) and Cisco (NASDAQ: CSCO) lost more than 1% each despite Argus Research upgrades.
Apple (NASDAQ: AAPL) was another stock not suffering too badly, off 1.5% on speculation that the company could make an iMac product announcement later this month.
Nokia (NYSE: NOK) lost 6.6% on problems with its 5800 touch screen smart phone. Research In Motion (NASDAQ: RIMM) lost 7.7%, while Palm (NASDAQ: PALM) managed a 1% gain.
Seagate (NASDAQ: STX) and Nvidia (NASDAQ: NVDA) also suffered steep declines.
The cause of the market's troubles was yet another steep loss and bailout of AIG (NYSE: AIG). With no end in sight for financial woes, the Dow and S&P ended the day at fresh 12-year lows.
The Nasdaq lost 55 to 1322, the S&P 500 fell 34 to 700, and the Dow tumbled 299 to 6763. Volume declined to 8.98 billion shares on the NYSE, and 2.37 billion on the Nasdaq. Decliners led by a 35−3 margin on the NYSE, and 25−3 on the Nasdaq. Downside volume was 98% on the NYSE, and 96% on the Nasdaq. New highs-new lows were 10−877 on the NYSE, and 1−602 on the Nasdaq.
Apple, IBM Lead Stock Market Rebound Tech stocks continue to be the stock market's one bright spot.
Stocks rebounded sharply Wednesday on better than expected results from IBM (NYSE: IBM) and news that CEOs at some of the nation's biggest banks were buying shares in their battered companies.
IBM shares rocketed 11.5% on the company's strong earnings report, and Apple (NASDAQ: AAPL) kept [...]
Apple, HP Lead As Tech Stocks Extend Gains The tech sector added to its gains on Wednesday, thanks to iPods, PayPal and upgrades.
The Nasdaq tacked on another 1% to Tuesday's big gains, while HP (NYSE: HPQ), Apple (NASDAQ: AAPL) and eBay (NASDAQ: EBAY) led the tech sector higher.
Apple rose 4.6% after the company unveiled its latest iPod.
HP shares surged 5.8% on a UBS [...]
Technical Analysis: Rally Hits a Big Level If stocks are trying to bottom, they're doing all the right things.
A very nice-looking rally, but so far it's nothing more than a retest of old support that's now broken. And that makes this level the biggest resistance that the rally will face.
Returning to our analysis of the 1966 to 1974 bear market (see first [...]
Technical Analysis: How Low Will Stocks Go? The Dow and S&P need to find support — and soon.
The Dow and S&P 500 need to find support very soon, or they could face yet another wave of selling here.
The S&P (first chart below) is sitting right above its November intraday low of 741.02. If that goes, 729-733 and 680-700 are the next support [...]
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