Updated from 7:03 a.m. EST
New-home sales in December were the lowest on record dating back to 1963, according to the Commerce Department. The overall results of 2008 for new-home sales were the weakest since 1982.
Meanwhile, the Labor Department reported that the number of Americans continuing to claim unemployment insurance for the week ending Jan. 17 rose to a seasonally adjusted 4.78 million. This is the highest on record dating back to 1967. As a proportion of the work force, the total is the highest since August 1983.
Not surprisingly, all this gloomy news made for a somber mood on Thursday on Wall Street.
reported that it will slash 3,500 to 4,500 jobs, or 14% to 18% of its work force, after posting a $137 million quarterly loss on plunging sales of photography products. Likewise,
reported a fourth-quarter loss of $5.9 billion and said its credit arm would cut 20% of its work force, or 1,200 jobs.
With this in mind, we thought we'd take a look at some of the stocks people have been searching for on
) and see what
To read more,
In Friday trading, Wells Fargo closed at $18.90 per share (up 0.64% for the day; up 19.09% for the week; down 35.89% year-to-date).
(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Goldman and Wells for his Action Alerts PLUS charitable trust.)
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