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If you were hoping that last week's stealth rally was going to continue, that didn't happen. Manufacturing data was atrocious here in the U.S., and even China gave horrible data on that front. Then, the NBER came out and officially declared the recession has been afoot -- in case you hadn't noticed. To show how much demand destruction there is, oil was down another $4.00 by 2:00 PM. All this data led to record lows on Treasury maturity yields.

Here are today's unofficial closing bell levels:
DJIA: 8,149.09 -679.95 -7.70%
NASDAQ: 1,398.07 -137.50 -8.95%
S&P 500: 816.19 -80.05 -8.93%
Top Upgrades & Downgrades

General Electric Co. (NYSE: GE) was hit on a research report predicting that tomorrow's GE Capital presentation will be a platform that will allow the company to reduce guidance further than it already has.

Yahoo! Inc. (NASDAQ: YHOO) traded up early on reports that a new deal between Microsoft Corp. (NASDAQ: MSFT) and Yahoo! may occur on a search pact rather than a merger. This was refuted elsewhere and it took the wind out of the rumor.

Continue reading Closing Bell: Dow down 7.7%; GE, YHOO, MS fall, PGI, MNT soar

Closing Bell: Dow down 7.7%; GE, YHOO, MS fall, PGI, MNT soar originally appeared on BloggingStocks on Mon, 01 Dec 2008 16:18:00 EST. Please see our terms for use of feeds.

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