NASDAQ at 1299, the Dow looks doggy at 6594, the S&P sucks at 692 - yup, ugly is back in style on Wall Street.
With GM struggling to stay out of bankruptcy court (even after billions thrown at it's problems by the government), and Citicorp now a penny stock, it's not a pretty picture.
The one winner in all this mess? Wal-Mart Stores. The retailer experienced a 5.1% increase in same-store sales in February. This key retail metric demonstrates that shoppers who have deserted the malls in droves are simply spending their money where it will go farther. Arkansas must be very happy. Look for the trend to continue as people economize wherever they can.
Evidence supporting that statement was found at Abercrombie & Fitch. The fashionable sellers of jeans and t-shirts to young hotties posted a same-store sales drop of 30%. Even venerable Nordstrom, that bastion of exceptional service and taste, was hurt by a 15.4% drop in sales.
Fasten your seat belts - it's going to be a bumpy night.
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