Staying hopeful in bear market territory
Traders on floor of the New York Stock Exchange, June 27, 2008
TEXT OF STORY
Renita Jablonski: The Dow is in bear market territory, and there's not a whole lot anyone can do about it other than hope for the best.
Wall Street could be in for another rough day, with oil hitting a new record this morning of $143 a barrel. Many investors will be only too happy to see the month of June, and the second fiscal quarter, come to an end. So, will July start off any better? As Marketplace's Amy Scott reports, a lot rides on the economic data out this week.
Amy Scott: U.S. auto makers report their June sales figures tomorrow. Thursday, the Labor Department is expected to announce that employment shrank in June for the sixth straight month.
Equity strategist Peter Boockvar with Miller Tabak says investors will be watching these numbers.
Peter Boockvar: I expect them to be weak. I think everyone expects them to be weak. It's just a matter of to what degree and whether that weakness spells another leg down or not.
As of Friday's close, the Dow is down almost 20 percent from its October high.
Charles Lieberman is chief investment officer for Advisers Capital Management. He says a 20 percent decline is considered a bear market, as opposed to a mere correction.
Charles Lieberman: If you're in stocks, you're hurting. And whether it's formally a bear market or not is irrelevant.
A Reuters survey out today says investors are moving away from stocks. They've pared back their holdings to the lowest level in at least four years.
In New York, I'm Amy Scott for Marketplace.