Stocks obviously don’t know it’s Christmastime as they finished with their fifth straight loss, as the Dow shed 1.2% in extremely skinny volume led down by the banks & GM…again.
Today’s Market Moving Stories
- File under “tell us something we didn’t already know”, but it’s official: U.S. consumers are falling deeper into debt according to Equifax.
- Japanese manufacturing confidence has slumped most on record.
- And HOUSING is still getting HOSED. In the latest instalment of diabolical economic news from the U.S., we learn that home prices are falling at a near Depression-era pace. Recall that this is where we came in and is at the very root of all our woes, so if 16 or so months into this debacle we haven’t reached a bottom it well looks like 2009 could be real rough, Bruce.
- Back from their holidays, and the Tokyo market drops 2.6% in a delayed reaction to the bad news from previously Teflon Toyota (NYSE:TM) and profit warnings from Bridgestone (OTCPK:BRDCY) and Hyundai (OTC:HYMLF).
- Another big-name company feeling the chill and being forced to economize is Google (NASDAQ:GOOG).
- While you are watching reruns of Brewster’s Millions over Xmas, think of Paulson’s billions and where that may have gone. But ssssh, it’s a big secret.
- Wanna buy a car?
- More hedge fund hell.
- The infamous Henry Blodget has some food for thought on tech stocks.
Data for Trainspotters today
And if anyone cares, there is some data due from across the pond today, although U.S. markets do actually close early, at 6pm London time. Weekly mortgage applications at noon GMT; durable-goods orders; weekly jobless claims; personal income/spending at 13.30 GMT; and later, weekly crude and natural-gas inventories.
…and finally-one last minute bailout…for the day that’s it.