U.S. stocks sink on write-downs in financials

[Roland99]

Source: MarketWatch

U.S. stocks sink on write-downs in financials
B. of A. seals deal for Countrywide; J.P. Morgan reportedly eyes WaMu
http://www.marketwatch.com/news/story/us-stocks-slammed-dow-decline/story.aspx?guid=%7B9384C3E2%2D4648%2D4F0A%2D96D0%2D16CA32881444%7D

NEW YORK (MarketWatch) -- Stocks dropped steeply Friday, with the Dow headed toward its most dismal first-eight-trading-days-of-a-year run in 17 years, as write-downs and slashed earnings forecasts signaled slowing consumer spending and sparked increased talk of a recession.

"From an earnings perspective, we're already in recession," said Jack Ablin, chief investment officer at Harris Private Bank.

The major indexes fell to new session lows after a top Federal Reserve official said investors have been too focused on individual interest-rate cuts rather than the overall direction of monetary policy. See full story.

The Dow Jones Industrial Average broke through to new session lows, falling more than 250 points, after Fed Gov. Frederic Mishkin spoke in New York.

Read more: http://www.marketwatch.com/news/story/us-stocks-slammed-dow-decline/story.aspx?guid=%7B9384C3E2%2D4648%2D4F0A%2D96D0%2D16CA32881444%7D

[louis-t]

1. B-b-b-bu-t I thought Michigan was in a 1-state recession?

At least that's the new repug talking point in MI.