As of 12:05 PM EST, the DOW is down 102.43 points (-1.19%) as investors anxiously await earnings reports expected later this week. Wall Street is anticipating bleak fourth-quarter and full-year numbers, especially after quite a few companies warned last week that they are being hit hard by the recession.
“It’s to be expected that there will be some retrenchment,” said Scott Armiger, portfolio manager at Christiana Bank & Trust. “Before Friday, the market was up 20 percent, and so you have to fully expect ‘OK, this is not going to recover straight up. It’s going to be jagged.’”
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