(London) -- World stocks reached a three-week high yesterday but then slipped today following some dire corporate reports.
Investor hopes had grown Monday after President-elect Barack Obama provided plans for the biggest infrastructure investment in the U.S. since the 1950s.
Later news of massive job cuts planned by Sony along with bleak revenue forecasts from Texas Instruments and National Semiconductor along with weak economic data from Japan turned everything around.
The MSCI world equity index fell half a percent Tuesday, the FTSEurofirst 300 index lost 1.4-percent.
Emerging stocks fell .03-percent.
U.S. crude oil fell three-quarters-of-one-percent to $43.39 a barrel.
Yutaka Miura, senior technical analyst at Shinko Securities in Tokyo says "things haven't gotten any better.
In fact, the indicators are so bad they could hardly be worse."
This past Saturday, President-elect Barack Obama promised the largest investment in the national infrastructure since then President Dwight Eisenhower created the Interstate Highway system in 1956.
His aim is to create 2.5-million jobs.
(Copyright 2008 by Newsroom Solutions)