Investors looking for profits in the first quarter of the year will be hard-pressed to find any good news at all, the Associated Press reports. Early Lipper tallies show that all styles and sectors of stock mutual funds took double-digit hits, with the exception of gold, bear and other funds that short the market. Large-cap value and small-cap growth, for instance, were down 9.2% and 14.4%, respectively, through Thursday.
"With a few exceptions across a couple of non-traditional asset classes like short-bias funds, investors are likely to feel very disappointed by this quarter's reports," said Jeff Tjornehoj, an analyst with Lipper.
Many investors have been parking their money in government bonds and cash. In fact, checking on one's banking accounts has become so common that in Manhattan, at least, it is no longer a shocking sight to see people holding stacks of cash or waiting in line to open a safety deposit box.
Meanwhile, The Wall Street Journal reports this morning that the "Paulson Plan Begins Battle Over How to Police Market: Amid Crisis, a Bid to Shift Powers; Fast Fixes Unlikely," and The New York Times' business section has the banner headline "A Nervous Wall St. Seems Unsure What's Next."
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.