Slump Humbling Blue-Chip Stocks - NYTimes.com

• Slump Humbling Blue-Chip Stocks - NYTimes.com

  tags: investments, finance

  • The bear market is tightening its grip, despite efforts by the government to support the economy and some of its biggest companies.
  • The number of companies trading at $10 or less on the Standard & Poor’s 500-stock index has increased tenfold since the market reached a peak in October 2007.
  • the New York Stock Exchange has temporarily suspended its $1 minimum share-price requirements to prevent a wave of delistings.
  • And at its current price of 73 cents, it would take several shares of Office Depot stock to buy a box of paper clips.
  • Many are concerned the recession may gain force before it ebbs, especially as job losses increase, a worry that is likely to drive stocks into a downward trend over the next few months
  • “We’re collapsing in on ourselves,” said Eric Ross, director of research at the brokerage firm Canaccord Adams. “Nobody wants to be invested, that’s the problem. I don’t believe we’re at the bottom yet.”
  • “Ninety-nine percent of the people I talk to are pessimistic,” Mr. Napier said. “Everyone is sitting back and waiting for one more big implosion.”
  • Investors fleeing stocks sent the price of safe-haven Treasury debt higher. The Treasury’s 10-year note rose 1 13/32, to 99 15/32. The yield, which moves in the opposite direction from the price, fell to 2.81 percent, from 2.97 percent late Wednesday.

Posted from Diigo. The rest of my favorite links are here.