Dow loses 300 points

That brings down the index to under 6800 (6763 to be exact). Actually, market sentiment hasn't changed much for several weeks. Heres the deal: Nobody in their right mind wants to reenter the market because the prevailing view is that things will get worse before they get better. From the NYT:

Its pretty despondent everywhere, said Dwyfor Evans, a strategist at State Street Global Markets in Hong Kong. O.K., there are signs that some of the leading indicators have stabilized to some extent, but its at a very, very low level, and were not seeing corporate investment picking up, or consumers starting to spend again in other words, the traditional mechanisms by which economies come out of a recession are absent at this time.

This Friday comes the February unemployment report, and David Dietze of Point View Financial Services says We could be in for a shocker. Economists expect a loss of 675,000 jobs in February and an unemployment rate of 8 percent.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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