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2-20 Dow closes at 6-year low

(2009-02-22 17:49:27)


分类: 市场分析

NEW YORK (CNNMoney.com) -- The Dow industrials ended at a fresh six-year low Friday, as worries about the outlook for the banking sector exacerbated fears of a prolonged recession.




Treasury bond prices rallied, lowering the corresponding yields, and gold prices flirted with record highs as investors sought safety in hard assets.




The Dow Jones industrial average (INDU) lost 100 points, or 1.3%, closing at the lowest point since Oct. 9, 2002, at the bottom of the last bear market.




Since peaking at 14,164.53 in November of 2007, the Dow has lost 48%, as the recession, housing market collapse and banking crisis have all pummeled investor confidence.


自从07年11月份见顶于14164.53点以来,道指已经跌去48% ,在衰退中,房地产市场的崩塌与银行业的危机都狠狠地打击了投资者的信心。


The S&P 500 (SPX) index lost 9 points, or 1.1%, ending at the lowest point since Nov. 20, 2008, seen by some as the low of the current bear market.


标普500指数下跌9点或1.1% ,收于去年11月20日以来的最低点,有观点认为这一点位是此次熊市的底部。


The Nasdaq composite (COMP) lost 1 point or 0.1%, erasing bigger losses. The session low was 1416.96, which is still above the Nasdaq's low from January of this year. The tech sector has performed better in 2009 than the rest of the market.




Stocks had tumbled through the early afternoon on worries about the economy and the future of the biggest banks, amid talk that the government might have to nationalize the hardest-hit companies.




But stocks managed to cut losses and the Nasdaq turned higher for a while after White House spokesman Robert Gibbs reiterated that the administration believes in a privately held banking system.


但当白宫发言人Robert Gibbs 重申政府新任现存的私有化的银行体系后,股市得以止跌并且纳指回升。


The comments from Gibbs seemed to give investors a reason to stop selling off the banks so much and to get back into the market, said Joseph Saluzzi, co-head of equity trading at Themis Trading.


Themis Trading资产交易部联合总裁Joseph Saluzzi表示,Gibbs得声明似乎是给了投资者停止过度抛售银行股并重回市场的理由。


"The Gibbs' conference gave them an inkling of hope that the government won't nationalize the banks and that brought people back in," Saluzzi said.


However, the confidence problem that has been plaguing the markets remains in place for the time being, Saluzzi said.


"Without confidence, no one wants to step up and buy," he said.


“Gibbs的申明给了投资者一种希望的暗示,那就是政府不会将银行国有化,市场将重新聚集人气,”Saluzzi 说,“然而,拖累市场已久的信心问题仍旧存在,而缺乏信心,没人会重回市场购买股票。”


Stocks have been sliding over the last few weeks as investors have shown skepticism about the government's ability to slow the recession, despite the announcement of a series of programs, including a massive economic stimulus package. Skepticism about CEOs is also a factor. And worries remain that another Ponzi scheme could be brewing, along the lines of Bernie Madoff or Robert Allen Stanford.


由于投资者已经开始对政府延缓衰退的能力表示出怀疑的态度,尽管政府抛出了包括庞大规模经济刺激计划在内的一系列计划项目,下跌仍是最近几周市场的主题 。对于总裁们的怀疑也促成了市场的下跌。市场担心再有了麦道夫和斯坦福德之后,还会再出现另一个庞氏骗局。


"The stimulus plan got more attention, but fixing the banking system in a way that's durable is the primary overhang in the markets right now," said Lee Schultheis, chief investment strategist at AIP Mutual Funds.


AIP Mutual Funds首席投资策略分析师Lee Schultheis表示刺激计划获得了更多的关注,但是是否能够更持久的稳定住银行系统才是现如今悬在市场上的最重要的问题。


Financials: Bank, housing, insurance and other financial stocks have led the retreat this year and continued to do so Friday.




Bank stocks were hit especially hard Friday on worries that the government may have to nationalize certain flailing banks, a move that would wipe out shareholder value. Senate Banking Committee Chairman Chris Dodd, D-Conn., said that such short-term takeovers may be necessary. However, the White House is not in favor of such a move.


周五银行股的下跌尤其迅猛, 这是由于市场担心政府将对那些受损无疑的银行进行国有化操作,此举将使银行股持有者利益严重受损。 参议院银行委员会主席Chris Dodd和D-Conn表示短期的国有化也许是必要的,但是白宫并不支持此项行动。


Dow components Bank of America (BAC, Fortune 500) Citigroup (C, Fortune 500), American Express (AXP, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) all tumbled through the afternoon. But all except Citigroup managed to cut losses by the close.




The selling in the bank sector has picked up in the last 10 days since Treasury announced a revamped bank bailout plan that critics say provides few essential details. In particular, the plan did not establish how to value the bad assets that are cluttering up bank balance sheets.




"Not only is a good solution required, but it has to happen quickly," Schultheis said. "Every day that goes by without action is adding to the deteriorating environment for corporate earnings, which is hurting stocks."


Schultheis 表示:“我们不只是仅仅需要一份好的解决方案,我们更需要迅速的行动。越是耽搁,公司的盈利环境只会进一步的恶化,从而致使股价进一步的下滑。


On Thursday, the Dow ended at the lowest point since Oct. 9, 2002, the low of the last bear market. The S&P ended the session at its lowest point since Nov. 20 of last year, when the panic around the financial crisis peaked.




Tech has performed better than the rest of the market and the Nasdaq stands almost 10% above its Nov. 20 close.




Over the last two weeks, the government has announced a number of programs meant to take the edge off the recession.




President Obama's $75 billion housing plan, announced Wednesday, is intended to help up to 9 million struggling borrowers. On Tuesday, Chrysler and GM asked for another $21.6 billion to stay afloat on top of the $17.4 billion in government assistance they have already received.




Investors are still sorting through the details of the $787 billion economic stimulus plan, signed into law Tuesday.




Company news: Lowe's (LOW, Fortune 500) reported weaker quarterly sales and earnings and issued a fiscal 2009 forecast that is short of analysts' expectations.


公司消息: Lowe's 发布了进一步疲弱的季销售及收入情况,同时发布了低于分析师预期的09财年预告。


J.C. Penney (JCP, Fortune 500) reported higher-than-expected earnings but forecast a current-quarter loss that is bigger than what analysts are expecting.


 J.C. Penney 发布的收入高于预期但是其对本季的损失预告高于分析师的预期。


General Motors (GM, Fortune 500) tumbled 11% on ongoing worries about its solvency, closing at a more than 70-year low, according to Dow Jones.




Market breadth was negative. On the New York Stock Exchange, losers beat winners by almost three to one on volume of 2.12 billion shares. On the Nasdaq, decliners topped advancers by over 2 to 1 on volume of 2.57 billion shares.




Economy: The Consumer Price Index rose 0.3% in January, as expected, after falling 0.8% in December. The so-called Core CPI, which strips out volatile food and energy costs, rose 0.2% versus forecasts for a rise of 0.1%. Core CPI was flat in December.




Other markets: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 2.79% from 2.81% Thursday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar gained versus the euro and the yen.


其他市场:国债价格上涨,对应10年期国债收益率由周四的2.81%降至2.79% 。国债价格与收益率反向运动。外汇交易中,美元兑欧元、日元走强。


U.S. light crude oil for March delivery fell 54 cents to settle at $38.94 a barrel on the New York Mercantile Exchange after spiking 14% Thursday.




COMEX gold for April delivery rose $25.70 to settle at $1,002.20 an ounce, near an all-time high. To top of page




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