Today

GOOD RIDDANCE TO A DISMAL YEAR

Wall Street will close the book on a year that will no doubt yield the worst performance for the stock market in almost 80 years. The S&P 500 is on pace to fall about 40 percent in 2008, a year in which a global recession met with frozen credit markets.

It is the worst performance since the S&P 500 was created in 1957, but extrapolating the index backward reveals that only 1931 was a more downbeat year. Investors are looking toward January as a crucial period for the market as it tries to recover some of the $7.3 trillion wiped from the Dow Jones Wilshire 5000 index, the broadest measure of U.S. stocks.

WEEKLY JOBLESS CLAIMS REMAIN HIGH

The number of Americans filing for first-time unemployment insurance is expected to slip from a 26-year high, though remain at recessionary levels. Economists consider jobless claims a timely, if volatile, indicator of the health of the labor markets and broader economy. A year ago, initial claims stood at 353,000. The unemployment rate is 6.7 percent, according to data released this month, the highest rate in 15 years. Layoffs are coming en masse, particularly in manufacturing. Job losses in the auto industry were a big factor behind last week's record first-time claims.

MADOFF IS ORDERED TO REVEAL ASSETS

Bernard Madoff, the disgraced financier accused of orchestrating a $50 billion Ponzi scheme through his investment business, must provide a list of his assets by year end, according to a court order. It's an important revelation for investors seeking to recoup losses. Madoff has until today to reveal a full list of his investments, loans, property, and bank and brokerage accounts. Madoff's assets have been ordered frozen, and he remains under electronic surveillance.