Disappointment instead of growth on Wall Street by Ivana Bruderova

Tuesday 5, 2008 began on Wall Street with terrifying news. Dov Jones Industrials recorded 370 points down which is the biggest drop for Dov Jones in almost a year. Instead of month of growth expected by analysts, the first days of February brought no positives. Some of them are talking about nail "into the coffin" from investors.The ISM's sector of activity dropped bellow 50, which is level of contraction. According Bernard Baumwohl, managing director of the Economic Outlook Group LLC , rapide decline of this sector in January showed how much some investors underestimated the real situation. Americans are spending money mainly to necessary services such as health care or transportation.Federal Reserve's last month lowering of rates also didn't mean significant change. Analysts claim lowering 1.25% came too late, because it takes several months to see the effect.It seems almost everyone on Wall Street reported losses. In the worst situation are banks including those the largest.A price of oil declined $1.61 to 88.41 a barrel on New York Mercantile Exchange. Dov Component Citigroup fell $2.17 to $27.05, Bank of America Corp. fell $1.66 to $42.37 and other large banks are in similar situation.Contrariwise, shares of entertaining corporations such as Time Warner and Disney rose from 2 to 4.8%. Dollar also rose against the other major currencies, while price gold fell.The European markets also reported declines, Britain's FTSE 100 fell 2.63 %, Gemany's Dax index fell 3.36%, Hong Kong Hang Seng index fell 0.89% , Japan's Nikkei stock and France's CAC-40 retreated too.

by Ivana Bruderova for PocketNews (http://pocketnews.tv)

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Edited by: Katarina Bosanska