November 12, 2008
November 12, 2008 by admin
The stock market suffered another strong blow on Wednesday as Best Buy, one of the nations largest retail stores updated guidance that retail sales have slowed considerably. The stock market immediately fell almost 300 pts as investors are looking to move out of equity positions into safer investment vehicles.
The stock market has dropped sharply for the past three days as investors are growing more concerned as to the depths of the economic recession. The market was also digesting additional news on the TARP program and renewed optimism that there would be some type of bailout program started for the auto industry in the coming weeks. Mortgage rates are moving lower with the news from the stock market, but continue to move at a much slower pace down as mortgage security investors have propped up their roi requirements for some time.