Stocks Continue Downward Slide
The stock indexes continued to fall today as investors are becoming increasingly hesitant about our immediate economic future. Despite yesterday's iPad hype, the forecasts from the tech sector are fairly bleak, driving the rest of the market into a slump.
By the end of the day Thursday, the Dow had fallen 1.1 percent, the S&P 500 dropped 1.2 percent, and Nasdaq had fallen 1.9 percent. Today's performance simply continues the overall trend this week and thus far in 2010. Taken as an average, the major indexes this week are down 0.8 percent. January has seen an overall drop of 3.2 percent on average.
In addition to pessimistic forecasts from Motorola and Qualcomm, worries about Bernanke's reconfirmation and Obama's proposed banking regulations have been blamed to contributing to the recent slump. Our economy once again has proved itself overly dependent on the speculative whims of the wealthy.