Ugly Morning

The market is getting hit this morning. There seem to be concerns over the government’s banking plan, or rather, lack of plan. The market, meanwhile, is retesting its November low. The morning, the Dow has been as low as 7,560, which is just barely above the November 20 closing low of 7,552.29.

The Wall Street Journal did a survey of 52 economists and they expect first-quarter GDP to drop by 4.6%. The good news, if you can call it that, is that the economists expect an anemic economic recovery in the third quarter and the GDP to rise by 0.7%.

Wal-Mart (WMT) is one of the few winners this morning. The company’s earnings fell by 7.4%, but still beat expectations. If the stimulus plan works, one of the first places we’ll see evidence will be at Wal-Mart’s bottom line. The shares are currently up by 2.6%.

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