Nearly every sector -- even most of the traditionally defensive -- was getting knocked down for the count.
announcement on Friday afternoon that it was
cutting its workforce and hinting at an earnings shortfall coupled with news this morning from Swedish telecom-equipment maker
that it would take a first-quarter
loss was bringing the
Nasdaq Telecommunications Index
to its knees. The index was lately falling 6.3%.
In the past month, one telecom-related company after another has announced layoffs, spending cuts or bad news on the earnings front. The parade of bad-news bearers includes
One of the very few sectors on the upside was the defensive of all defensives -- gold. Typically, when investors are bailing on everything, they flee to safety. And they typically like the cool, hard feel of gold. The
Philadelphia Stock Exchange Gold & Silver Index
was rising 1.7%.
Insurers were falling after some earlier gains today. The
S&P Insurance Index
was lately edging lower by 0.7%. News that British insurance giant
in an all-stock deal worth
$26.5 billion sent American General 2.7% higher to $54.07.
But generally, investors can pick a sector -- any sector -- and find losses. The
Morgan Stanley Consumer Index
was off 2%, the
Nasdaq Biotechnology Index
was losing 5.3% and the
Philadelphia Stock Exchange Semiconductor Index
was dropping 3.4%.