Stocks Fall Amid Myriad of Worries
The Dow Jones Industrial Average has fallen over 250 points as global economic concerns mount. The NY Times reports, "Shares on Wall Street skidded lower Tuesday morning, following a wave of selling in Europe and Asia, as investors expressed more doubts about the banking system and the fate of struggling American automakers."
Other troubling news: New York factory activity is at a record low: The New York Federal Reserve's Empire State Factory Index fell to a negative 34.65. For some perspective, economists were expecting it to only be negative 24. The report said, "The Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated significantly in February."
But there was some hope, from Wal-Mart: The retailer posted higher-than-expected profits. An analyst told Reuters, "These guys are gaining share and doing much better than their competitors. Even in the discount channel, they're doing very well." Uh, except for those fatal doorbuster sales.
President Obama is scheduled to sign the stimulus package today in Denver. The White House has a slideshow of photographs documenting the progress and meetings.
