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So, the Dow dropped 220 points today and investors felt the New Year was spoiled. It will probably get much worse so today may actually have been a good warm up.
Wall St. expected the financial, housing, and auto sectors to be hard hit. Ford Motor Company (NYSE: F) hit a 52-week low today. A number of the banks, investment firms, and home builders are as far down as they have been in years. CNBC made comments at mid-day that both Merrill Lynch & Co., Inc. (NYSE: MER) and Citigroup, Inc. NYSE: C) were preparing lay-offs and that Citi might have another $10 billion in write-downs. No one sane expects the sectors involved with housing, finance, or credit to rebound in the first half of the year.
The malaise among consumers has already spread to retail shares. Holiday spending was weak. Target Corporation (NYSE: TGT) has already warned it will miss numbers. Most of the other large retailer are likely to follow suit.
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