Wired PR News.com – Wall Street continues to feel distress as Tuesday’s closing numbers signal no end in sight for continued losses. As reported by the Associated Press, the Dow suffered another 180 point loss on Tuesday giving investors more cause for worry about the impact consumer spending will have on the extremely troubled market.
Struggling auto giant, General Motors Corporation, has reportedly seen their shares decrease to their lowest numbers in 60 years. Hoping for a major government bailout, the company recently announced that 5,500 jobs would soon be cut due to their financial strain.
Substantially lower consumer spending in practically every major industry, including that for housing and automobiles, has been a major aspect of the market slump. Investors strongly fear that the worst is yet to come. As quoted in the report of Jim Herrick, who manages Baird & Co. trading firm, “We’re in a situation where we really don’t know how deep a recession we’re in… Until there’s some clarity on the economy and clarity with earnings, we’ll definitely be stuck in this trading range.”
Photo Credit: Justin Brandt