Market Update: DOW breaks down below 8000
UPDATE: DOW down 426.91 to 7997.84, breaking support levels
beneath 8000 for the first time in 5 years
all 30 DOW stocks fall
CITI down under $7.00
see coverage here
FED Beige Book came out today, and as expected GDP forecasts came way down for all of 09.
Read it here
Eight of the 12 regional Fed banks ‘cited softening or weakening in the pace of business activity, while the others referred to subdued, slow or modest growth,’ the summary of anecdotal reports from the regional banks said.
Two-thirds of the banks also said there were ‘tight credit standards’ in their area and all but two districts had declining loan demand. Some regional banks also cited indications of declining loan quality.
Housing was described as ‘weak’ and home sales ‘low’ all across the country. There were increasing reports that commercial real estate demand had also begun to slow down.
Retail spending reports were ‘generally downbeat,’ with auto sales particularly ’slow or sluggish.’
With an hour of trading to go, the DOW is continuing its seesaw and presently reading down 291.91 for a reading of 8132.84
BREAKING: Tom Daschle HHS Secretary
Breaking now
Tom Daschle and Barack Obama
Former Sen Majority Leader Tom Daschle is Obama’s choice for Health and Human Services Secretary
ABC confirms he has accepted
Roll Call has the scoop
Pickedup now by local ABC
WASHINGTON — ABC News has confirmed that President-elect Barack Obama has chosen former Sen. Tom Daschle as Secretary of Health and Human Services.
Sources confirm to ABC News that the former Senate Majority Leader has accepted the offer.
and CNBC has it on the chyron
cause nothing says universal health care like Tom Daschle!! He must have some background in Health and Human Services!
Uhm, nope, none, nada, zip, zilch. This is the kind of cabinet appointment I did not want to see, to me totally nepotistic. The man has no background at all that I can see that would serve well in this post. I know, elections have consequences. This is why I am ecstatic at HRC as SoS.
Well this could have been worse, he could have tapped Daschle as ENERGY SECRETARY!! OH NOES! With Daschle’s ethanol lobbying background that would have been really ugly!
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