NEW YORK — Wall Street ended another unforgiving month with a steep loss — one that left the Dow Jones industrial average at less than half its record high.
“I don’t think there is the confidence that the recovery is going to happen very quickly. It’s going to take time,” said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York.
Some analysts said the market’s slide could have been worse — the major indexes finished well above their lows.
Dan Cook, senior market analyst at IG Markets in Chicago, said Wall Street’s ability to show some recovery Friday despite an onslaught of bad news is a good sign.
“We have become somewhat callous to these news announcements,” he said.
The losses in the final session of the month came as Wall Street had been hoping that stabilizing Citigroup would help ease worries about the beaten-down bank stocks and remove some of their questions about the prospects for the industry.
But analysts said the loss to regular shareholders from the government’s move touched off worries that other banks could see their shares hit as well.