The Weekly Report For March 9th - March 13th, 2009

March 8, 2009- Market Summary
Widespread economic concerns continued to plague the stock market as investors sent the S&P 500 and Dow Jones Industrial Average to new 12-year lows. Friday's reported unemployment rate of 8.1% is the highest in 25 years and it is a clear indication of the issues facing the economy. Several large-cap stocks that were hit particularly hard this past week include Citigroup (NYSE:C), which traded below $1 for the first time. General Motors (NYSE:GM) investors are concerned over the company's future as it traded down to the lowest level in 75 years. Many traders are asking themselves whether the proposed government aid will be enough of a catalyst to reverse the strong downtrending economy. As you can see on the charts of the major indexes, the S&P and the Dow closed the week below their respective November lows for the third consecutive week, which will be used by proponents of Dow theory to suggest that this is the start of another wave lower. For more, see Dow Theory.

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