STI lao sai next week, ho say liao lah
All FT go home lah, I want to reclaim my Singapore of 2.5 million, don't care if GDP cut by half cos I am a simple anticonsumerist
DOW PLUNGES FRIDAY from CNBC.com
Stocks fell sharply Friday as uncertainty about the government's so-called "bad bank" plan rattled the market.
The Dow Jones Industrial Average shed about 150 points, or 1.8 percent.The S&P 500 and Nasdaq each lost more than percent.
DJIA 8000.86 -148.15 -1.82%
A plan to prop up banks could still be announced next week but there is a foggy haze of buzz about the so-called "bad bank" plan. There is some speculation that a weekend meeting about it may have been cancelled, while other sources say it's still on.
And so, the market slides.
There was a brief, shining moment today when the market got a lift from a not-horrible GDP report but anxiety over the lack of visibility got the best of the market and the rest of the day was a sea of red.
Gross domestic product dropped 3.8 percent in the first of three readings on Q4 GDP, much less than the 5.3-percent drop expected. Still, it was the fastest rate of decline in nearly 27 years.
This marked the first back-to-back quarterly declines since late 1990-early 1991, fitting the textbook definition of a recession. The economy shrunk 0.5 percent in the third quarter.
A big part of the surprise came from a big drop in the trade deficit and a miscalculation of the impact of oil prices, Standard & Poor's Chief Economist David Wyss told Reuters.
Of course, things are moving so fast in this market, you can't look back too long or you might get whiplash.
The GDP beat "should be a mild help for the market, but this is for 2008. Nobody cares about 2008, we're talking about 2009 now," Wyss said.
Meanwhile, a gauge of consumer sentiment ticked higher in a final January reading. Reuters and the University of Michigan reported their consumer-sentiment index rose to 61.2, a four-month high.
All FT go home lah, I want to reclaim my Singapore of 2.5 million, don't care if GDP cut by half cos I am a simple anticonsumerist
DOW PLUNGES FRIDAY from CNBC.com
Stocks fell sharply Friday as uncertainty about the government's so-called "bad bank" plan rattled the market.
The Dow Jones Industrial Average shed about 150 points, or 1.8 percent.The S&P 500 and Nasdaq each lost more than percent.
DJIA 8000.86 -148.15 -1.82%
A plan to prop up banks could still be announced next week but there is a foggy haze of buzz about the so-called "bad bank" plan. There is some speculation that a weekend meeting about it may have been cancelled, while other sources say it's still on.
And so, the market slides.
There was a brief, shining moment today when the market got a lift from a not-horrible GDP report but anxiety over the lack of visibility got the best of the market and the rest of the day was a sea of red.
Gross domestic product dropped 3.8 percent in the first of three readings on Q4 GDP, much less than the 5.3-percent drop expected. Still, it was the fastest rate of decline in nearly 27 years.
This marked the first back-to-back quarterly declines since late 1990-early 1991, fitting the textbook definition of a recession. The economy shrunk 0.5 percent in the third quarter.
A big part of the surprise came from a big drop in the trade deficit and a miscalculation of the impact of oil prices, Standard & Poor's Chief Economist David Wyss told Reuters.
Of course, things are moving so fast in this market, you can't look back too long or you might get whiplash.
The GDP beat "should be a mild help for the market, but this is for 2008. Nobody cares about 2008, we're talking about 2009 now," Wyss said.
Meanwhile, a gauge of consumer sentiment ticked higher in a final January reading. Reuters and the University of Michigan reported their consumer-sentiment index rose to 61.2, a four-month high.
