Stocks plunge again as concerns about the economy continue. Marketwatch
reports that the DOW is now at a 10-month low. Today was also the worst day of the year for the stock market. It has been a short year and it hasn't been a good year at all so far.
When reminded about how bad things are, the market remembers it should go down," said Art Hogan, chief market strategist at Jefferies & Co.
"And, it is going to take more than just monetary policy to clean up the mess we've made with this economy," Hogan said.
"The Philadelphia Fed Survey was a disaster, defying even the most pessimistic projections," said Frederic Ruffy, an analyst at Optionetics.
Here's a look at the numbers.
DOW - lost 300 points - 2.5%. Hits 10-month low.NASDAQ - lost 47.69 points - 2%S&P 500 - lost 39.94 points - 2.9%.The tumble began when the Philadelphia Fed
reported dismal figures.
Shortly before the Fed chairman spoke, the Philadelphia Fed said its measure of manufacturing activity feel sharply to a negative 20.9 from a revised reading of negative 1.6 in December. The report underscored the seriousness of the economic concerns that have in recent weeks drawn the focus of both Wall Street and Washington.
"The Philadelphia Fed just announced dreadful numbers," said John O'Donoghue, co-head of equities at Cowen & Co. He said if you look back at Philadelphia Fed data for similar numbers, it takes you back to the 2001 to 2002 recession.
"It's not rocket science - the economy is slowing dramatically, and it's being reflected in economic reports."
Bloomberg
says Merrill Lynch's huge 4th quarter loss also played a role in the bad day on Wall Street.
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