The market is down 107 in reaction to Wall St's dismal Friday. 30 Dow companies report this week after a bad start to the season last week that saw UPS down 9.9%, Alcoa down 4.7% and GE down 12.8% on results.

Dow down 257. Biggest fall in 5 weeks. Fell all session on the back of a poor 1Q result from GE and in anticipation of quarterly results from the banks this week which now present a risk rather than a hope. As a result, industrials down 4.6%. Dow down 279 at its worst and down 2.25% for the week. Main issue remains whether or not the market is building some sort of bottom. Although the hopes are there, the concerns are the results season after a series of disappointments last week and weak economic numbers.

The majority of economists believe the US is going into or already is inrecession – a confirmation of recession is going to mean a slower turn-around for the stockmarket. GE's results are not a good start to the season. Analyst consensus earnings averages dropped for the 14th week on the trot. Consumer confidence below expectations. Airline index down 7.6% as Frontier Airlines goes into Chapter 11. April University of Michigan confidence survey below expected 69 - down to 63.2 from 69.5. Lowest confidence since 1982. Market awaiting Monday's March retail sales amidst concerns for the health of the consumer. They are expected to be flat.

Both BHP and RIO down in ADR form on Friday, 1.18% and 0.74% respectively. BHP down 58c to 4158c. RIO down 110c to 13750c. Metals mixed on Friday – Copper up 0.2%, Aluminium up 0.3% and Zinc down 1.3%. Nickel down 1.8%. Zinifex down 30c to 938c.

Oil price up 7c to $110.14 – Chevron Corp and Total announced they are in talks with the Iraqi Oil Ministry to increase production in an important oil field in southern Iraq. Woodside down 138c to 5430c. Gold down $5.70 to $931.80. Newcrest up 10c to 3280c. US Bonds up with the 10 year yield down to 3.47%.