5-Mar

Markets erase yesterday’s gains plus some

The markets headed down early and continued their descent throughout the day. More worries about tomorrow mornings unemployment report and more talks of GM's potential to enter bankruptcy helped push the markets lower. By the end of the day the major indices were trading at levels not seen since 1996.Financials was sold aggressively again today as Citi traded below $1. WFC was down almost 16% for the day. JPM was down 14% for the day. It was a very bad day for financials. Tomorrow morning we get the Employment report. Consensus expectations call for nonfarm payrolls to fall by 648,000 and the unemployment rate to rise to 7.9%.

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