Stock market down big today
Bob Morris @ Feb 5th 2008 20:58 - Category: Credit crisis Tags: stock market
The ISM number was the reason. It measures the service sector. Anything less than 50 signals contraction. Last month was it was 54.4. The expected number was 53.
Instead, it was a devastating 44.6. The service sector contracted sharply and unexpectedly in just one month.
This probably signals capitulation for stock market bulls who were arguing we weren’t going into recession. That argument is now over.
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