Theme song for stock market: "I'm Going Down" by Rose Royce....or Tom Petty's "Free Fallin'"....

[marmar]

Dow down 226 as of this post.....



from Bloomberg:



U.S. Stocks Tumble on Earnings Concern; Citigroup, GM Retreat

By Michael Patterson

June 26 (Bloomberg) -- U.S. stocks tumbled, sending shares of General Motors Corp., Citigroup Inc. and CBS Corp. to the lowest levels in more than nine years, on concern that credit writedowns and weakening consumer spending will extend the longest slump in quarterly profits since 2002.

Citigroup Inc. led an index of financial stocks to a five- year low as Goldman Sachs Group Inc. analysts said the lender may report an $8.9 billion second-quarter writedown and cut its dividend. Research In Motion Ltd., maker of the BlackBerry, posted its biggest drop since 2002 on concern competition with Apple Inc.'s iPhone is reducing earnings. General Motors Corp., the largest automaker, plunged the most in three years as Goldman advised selling the stock and oil rose by more than $3 a barrel.

The Standard & Poor's 500 Index lost 24.43, or 1.9 percent, to 1,297.54 at 11:18 a.m. in New York, extending its 2008 retreat to 11 percent. The Dow decreased 208.36, or 1.8 percent, to 11,603.47. The Nasdaq Composite Index sank 57.93, or 2.4 percent, to 2,343.33. Eight stocks fell for each that rose on the New York Stock Exchange.

``Most investors are going to sit on the sidelines until they're more certain the sharks have left the waters and it's safe to go back in,'' said Bruce McCain, the Cleveland-based head of investment strategy at Key Private Bank, which oversees about $30 billion. ``The writeoffs have been far worse than anyone would have imagined.''

All 10 industry groups retreated as Nike Inc.'s U.S. earnings and Oracle Corp.'s profit forecast also disappointed investors and the government reported initial jobless claims that were higher than economists' projections. ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=a0NeeFlPYMIk&refer=home

[pansypoo53219]

1. but but but the economy 'grew' a whole fucking point!!!

it's not a recession. really!