As brokerages downgraded banks and credit card companies, the stocks slumped on Monday. Thus it seems that another economy pillar is unstable. These downgrades together with reports of sluggish factory orders have the vivid impact on economically sensitive sectors including banks, home builders, and home retailers. Paradoxically, this same group was bearing recovery last week. American Express was among the first one to sell at the beginning of 2008 for a recession. Its stocks went under 4 percent. It said that the whole situation would lead to higher unemployment. According to Scott Wren, a senior equity strategist at A.G. Edwards & Sons Inc in New York, the previous last weeks were too cyclical. He expressed his doubts whether it is really good to have such cyclings. He reckoned that it was too early for cyclical process as we were going to have slower short lasting economic news in the future. The economic reports showed that the Dow Jones industrial average dropped by 108.03 points to 12,635.16. The Standard & Poor's 500 Index decreased to 1,380.82 by 14.60 points. The Nasdaq composite Index declined by 1.26 percent to 2,392.85 points. The greatest furl to the Nasdaq was the result of Google's shares abating by 4 percent to $495.43.The Internet media Yahoo Inc would recognize definitely this slump as a repudiation to the alliance proposed on Sunday by Google. Yahoo stock went up by 3.3 percent to $29.33. All in all, dropping stocks phased out flourishing stocks by a ratio 3:2 on the New York Stock Exchange and by 4:3 on Nasdaq.
Edited by: Katarina Bosanska
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