Stocks slide in early trading
Stocks retreated this morning after rising above the 8,000 mark last week, CNNMoney reported.
As of 9:41 a.m. Iowa time, the Dow Jones industrial average had lost 108 points, or 1.35 percent. The Standard & Poor 500 index was down 14 points, or 1.68 percent, and the Nasdaq composite was down 34 points, or 2.11 percent.
Prior to today, markets were on a four-week rally, with the Dow experiencing a 21.5 percent gain, its best four-week performance since 1993 when it gained 31 percent.
“Concern about the condition of the financial system will be here for a while, at least for the rest of the year,” said Stanley Nabi, vice chairman of Silvercrest Asset Management Group. “It will take a while to put the pieces together.”
Also, investors will be watching the markets more closely this week as companies begin releasing quarterly results tomorrow.
“It is not about the actual quarter itself, but all eyes are on guidance going forward,” said Ryan Larson, head of equity trading at Voyager Asset Management. “People are really looking to see if they are consistent with recent economic numbers.”
Aluminum producer Alcoa Inc. will be the first company to release first-quarter results after the close of markets on Tuesday.


