[talkgold]

Getting a lot fo bad news about the US markets:

U.S. stocks plunged on Friday, ending the week and the month on a losing note after losses by American International Group Inc. shook up Wall Street and poor results from Dell Inc. rocked the tech sector.

"We had a trainload of bad news; they couldn't keep the bad news coming fast enough," said Art Hogan, chief market strategist at Jefferies & Co.

The Dow Jones Industrial Average (DJI) fell 315.79 points to 12,266.39, giving the blue-chip gauge a weekly loss of 0.9%. The Dow fell 3% in February, and is down 7.5% for the year to date.

All of the Dow's 30 components spent the final day of February in the red. Pacing the action was AIG (AIG), off more than 7% after the insurance giant reported the largest loss in its almost 90 years in business. .

"It will be interesting to see what happens next week, since we're in for the same combination of bad economic data and bad corporate news -- that's what happens when you have an economic slowdown," Hogan said.

Other financial stocks were hit as well, with shares of Ambac Inc. (ABK) down 5.6% on reports that a plan to provide the firm with new capital has hit a snag.

Outside the Dow industrials, Dell Inc. (DELL) fell 4.7% after the PC maker reported fourth-quarter profits fell 6% from a year ago.

The S&P 500 (SPX) dropped 37.05 points to 1,330.63, down 1.7% for the week; 3.5% for the month and 9.4% year-to-date.

The technology-heavy Nasdaq Composite (RIXF) declined 60.99 points to 2, 271.48, a drop of 1.4% on the week; a 5% decline for February and 14% so far this year.

Volume on the New York Stock Exchange topped 1.7 billion, with nearly seven stocks posting losses for each share on the rise. On the Nasdaq, nearly 1.2 billion shares traded hands, with decliners stocks topping those advancing more than 4 to 1.

Sector snap

Often isolated from the carnage of late, the tech sector joined the suffering this time, with declines coming from bellwethers including Hewlett-Packard Co. ( HPQ) and IBM Corp. (IBM). .

Retail stocks also slipped amid gloomy news on consumer spending, with the S&P Retail Index (RLX) off about 3.3%. .

Gold futures finished with gains, having hit a record high of $978.50 an ounce overnight, as the metal continues to draw support from weakness in the U.S. dollar and rising investment flows into commodities. Gold for April delivery ended up $7.50 at $975 an ounce on the New York Mercantile Exchange. Gold posted a weekly gain of $27.20 from last Friday's closing level of $947.80. .

[saxifrage]

The most important graph you will ever see:



The Dow and the dollar have a long way to fall yet.

[hyperinvestor007]

when it falls below 12.000, than it looks real bad!

[bachlike]

Has anything been fixed on the federal budget, the trade gap, insolvent banks, or increasingly underwater homeowners, and most importantly the falling home prices?

[netinvester]

DOW have been inconsistant. One day up and 3 days down. its torturing really.

[bachlike]

What a fake out. Yesterday a nice day up and poof, its all gone with a lower low.

[Airelon]

Originally Posted by saxifrage

The most important graph you will ever see:



The Dow and the dollar have a long way to fall yet.

That chart is 8 years out of date.

[Airelon]

I'm a bull. I maintain my buy and hold portfolios. The ones that are destroying the markets and mutual funds. I love days like today. Hopefully, we can eventually - by the time this bear market is over - get the DOW down to the high 10k's. It's going to take a while, but I think we can do it.

I'll be upset with anything less than an 80% return from the effects of this recession. I've made it about 1/8th of the way there thusfar.

It's an addage that's as old as the hills. You buy when others are fearful, and sell when others are greedy.

[Agent Orange]

Well yesterday was "NFP day". The data seriously s*cked, which led to sales of the dollar and shares worldwide.

[saxifrage]

Originally Posted by Airelon

That chart is 8 years out of date.

Better?