Wall Street recorded the worst January on record with fears of a downhill economy expanding and concerns that Treasury efforts to save it may be delayed.

As the trading week ended Friday, the national indices experienced steep drops for the second straight day, and closed the month with record percentage losses for both the Dow industrials and the S&P 500. The Dow was off 8.84 percent for the month and the S&P was down 8.57 percent. The creation of a so-called bad bank, one that will purchase toxic assets of financial institutions, may be derailed because of cost.

As consumers ratcheted back on spending, the economy took a tumble not seen in a quarter century, and investors are nervous, because a bad January typically shows the trend for the coming year.

"If you have a bad January, it augurs for a poor rest of the year," said Thomas Nyheim, portfolio manager at Christiana Bank & Trust Co. in Greenville, Del. "It's a pretty good indicator because it's just showing momentum. It holds a lot of water, basically because in the beginning of the year they're setting their allocations."

The Journal Record Index bucked the momentum with a positive week, adding 6.97 points, or 1.08 percent, and closing at 649.49. However, declining issues inched past advancing issues at a 22-to- 21 count.

BOK Financial reported fourth-quarter net income of $35.4 million, or 53 cents per share, compared with net income of $51.1 million, or 76 cents per share in the fourth quarter. However, shares for BOKF rose $3.37, or 9.93 percent, for the week.

"BOK Financial was ... the largest traditional commercial bank in the country to decline participation in the U.S. Treasury's TARP Capital Purchase Program," said BOK Financial Chairman and CEO Stan Lybarger. "BOK Financial ended 2008 with over $153 million in earnings, a larger reserve for credit losses and a strong capital position." BOKF closed at $37.30, and was the top dollar gainer this session.

Alliance Resource Partners dropped after its fourth-quarter results failed to measure up to Wall Street estimates. ARLP reported net income of $25.2 million, or 32 cents per limited partner unit, compared to $39.9 million, or 76 cents per limited partner unit, in the comparable year-ago quarter. Revenue was $310.9 million. Analysts surveyed by Reuters Estimates expected Alliance to earn 50 cents per unit on revenue of $289.6 million. The dividend was raised to $7.15 per unit, less than was anticipated. ARLP shed $2.61, or 7.87 percent, and ended at $30.56. Alliance was the top dollar loser.

Magellan Midstream Partners rose $1.92, or 5.86 percent, for the week after the Osage oil pipeline was running at 80-percent capacity three days after repairs to fix a leak in the line. "The decision to return to normal operating pressure will be made by regulatory authorities," said Magellan spokesman Bruce Heine, although he did not say when that was expected. MMP ended at $34.68.

Originally published by Margot Crabtree.

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