Another Down Day
(At 5:54 p.m. EST)
closed out a rough week with another decline Friday, losing 82.35 points, or 1%, to 7850.41. That was the fourth drop in the last five sessions.
So far this month, the Dow has lost 1.9%, and for the year it's down 10.6%. The index declined 5.2%, or roughly 430 points, for the week as traders failed to embrace the government's aid plans.
Only three of the 30 stocks rose in the final session before a three-day weekend,
Bank of America
were the worst stocks of the day, each falling more than 5%.
Don't forget -- the U.S. market is closed Monday for the President's Day holiday.
Quiet Ahead of the Holiday
(At 11:11 a.m. EST)
Roughly two hours into the trading session, the
was little changed leading up to a three-day weekend for the New York market. Lately, the index was down about 19 points at 7913, and of the 30 stocks, 14 were down while 16 were up.
Most individual issues were holding near the flat line.
were the biggest percentage movers, gaining 2.7% each.
were better by about 2%.
On the downside,
was the leading decliner, giving up 3.4% to $25.29.
was sluggish too, slipping 2.2% to $47.06.
Just briefly returning to the news about
retail venture, I have to say job well done to Kara Swisher over at All Things Digital for her column on the topic. I hate to admit it, but I have absolutely no memory of
. Do you?
(At 8:35 a.m. EST)
Let's Become a Retail Chain
I have mixed feelings about this
plan to open its own
, though I think I'm leaning negative.
Fine, the strategy has worked out for
. However, considering we're in the worst economic downturn in decades, these days anything associated with retail and discretionary consumer spending makes me a little nervous.
True, Microsoft isn't
, but opening a retail chain now? Is this really the best way to be deploying capital?
I certainly wish Ballmer & Co. the best of luck. Things sure were a lot more interesting when we, or at least the
, were driven to insomnia worrying about Redmond's diabolical plans to take over the world. Just maybe, in some small way, this will help us get back there.