Russell falls again at closing; ABM, TLB and THO lead gainers

Stocks extended losses from Monday, unable to push higher after weak housing data was released and Fed Chairman Ben Bernanke made somber statements to Congress about the economic situation. Some of today’s small-cap gainers were ABM Industries (NYSE:ABM), Talbots (NYSE:TLB) and Thor Industries (NYSE:THO).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) closed down 6.79, or 1.85%, to 361.01. The Dow closed down 0.55% to 6,726.02 and the S&P 500 closed down 0.64% to 696.33.  The S&P 500 closed below 700 for the first time since 1996.
• For the year, the Russell is now down 27.72%, the Dow is down 23.36% and the S&P 500 is down 22.91%.
• Global stock markets fell further Tuesday, after news broke Monday that small-cap insurer AIG reported the biggest quarterly loss in corporate history, and HSBC Holdings slashed its dividend, revealed it needed to raise $18B from shareholders.
• Citigroup said today that in order to help the unemployed, it would start a new program to lower some mortgage payments to an average $500 for three months.
• Small-cap GM says February U.S. sales will be "exceptionally weak."
• Oil prices rose during Tuesday's trading, settling up $1.50 to end the day at $41.65. 
• This morning, Bernanke reiterated to Congress that any semblance of economic recovery hinges on the U.S. government’s ability to stabilize ailing financial markets.
• New data today revealed that the number of homebuyers purchasing existing homes fell 7.7% to a new low of 80.4 in January. Economists were predicting a January reading of 85.1.

Small Cap Gainers:

• ABM Industries announced first-quarter fiscal 2009 financial results; shares climbed 24%. See (NYSE:ABM).
• Talbots closed a $200M credit line, suspended its dividend and froze . . .

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