NEW YORK, Jan. 1 (UPI) -- Six years of accumulated wealth in U.S. stock markets vanished in 2008 as a sustained bull market turned bearish and violent, records show.

The Dow Jones industrial average lost 4,488.43 points or 33.8 percent during 2008, The New York Times reported Thursday. The broader index, the Standard & Poor's 500, fell 39.5 percent.

In the market year, $7 trillion vanished, the Times said.

For some, the collapse of Lehman Brothers in September was the moment a sour market turned moody and unpredictable. Since the bank went under, the S&P index rose or fell more than 5 percent in 18 trading sessions, a feat it had accomplished only 17 times in the past 53 years, S&P analyst Howard Silverblatt said.

Few were spared in a year in which the center of financial influence shifted from Wall Street to Washington.

"The only willing risk taker is the government," said William H. Gross, chief investment officer at Pacific Investment Management Co.

Many are hopeful a new stimulus package will kick start a slow recovery -- with the emphasis on slow.

"I just don't think that they can push a button and have the economy and the stock market turn around," Martin Fridson at Fridson Investment Advisors said.

Experts expect retail obits in 2009

NEW YORK, Jan. 1 (UPI) -- Experts say the 2008 shopping season that fizzled was the fuse that will lead to thousands of U.S. store closings in 2009.

"There's going to be a massive sea change in the retail landscape," said Nina Kampler, executive vice president at Hilco Real Estate, a consultancy on property issues for retailers.

Kampler said many shopping malls already have large-store vacancies, CNNMoney.com reported Thursday.

Retail obituaries in 2008 included well known names like Linens 'n Things, KB Toys and the Shoe Pavilion.

Michael Burden of Excess Space Retail Services predicted 14,000 stores may close this year, "the highest ever number of closures."

The International Council of Shopping Centers, in turn, said 3,100 chain stores could close before July.

"It's about survivability," Burden said. "Retailers have to really fight to live another day and do what they can to get through to 2010."

"Retailers across the board from top-end luxury to mom-and-pop stores on Main Street are feeling a gigantic consumer (spending) choke from people's perceived and actual loss of wealth," Kampler said.

"At the end of the day, people are buying far less stuff. They are buying what they need as opposed to what they want," she said.

Apple observers expect low-profile expo

SAN FRANCISCO, Jan. 1 (UPI) -- Expectations for San Francisco's Macworld Conference & Expo are muted -- cross-cut with concern for the health of Apple Inc. (NASDAQ:AAPL) leader Steve Jobs, observers said.

Company news at the the 25th annual conference, which starts Tuesday, is "likely to be more evolutionary than revolutionary," said Michael Gartenberg, a vice president and research director for Jupiter Research, the San Jose, Calif., Mercury News reported Thursday.

Some Apple observers expect a preview of Macintosh computer's next operating system, upgrades for the iMac and a new design for the Mac mini, the processor Apple sells without a keyboard or a monitor.

"Frankly, we would be a little surprised if there is a major announcement," Kaufman Brothers Senior Research Analyst Shaw Wu told the newspaper.

Speculation over technology has also been displaced by concern for Jobs' health, the newspaper said.

Apple announced weeks ago that Senior Vice President Phil Schiller will take Jobs' place at the conference.

Jobs battled pancreatic cancer four years ago and appeared gaunt during a June conference, the newspaper said.

In July, he told the Apple board his cancer had not returned, but he was suffering from complications from past surgery.

Aso says Japan to be 1st out of recession

TOKYO, Jan. 1 (UPI) -- Prime Minister Taro Aso, in a New Year's message, said he will do all he can so Japan becomes the first country to emerge out of the global recession.

Aso indicated he will not quit although his popularity ratings have dropped sharply in the short time he has been in office, saying, "I will never run away. I will move ahead steadily with the people,'' Kyodo news service reported.

"The U.S.-originated global financial and economic crisis, of the type which only occurs once in a 100 years, has taken place," Aso said in his statement. "Japan alone cannot escape this 'tsunami.' But by taking appropriate measures, we will be able to minimize its damage."

"Japan will be the first country in the world to get out of this recession."

The prime minister promised his government will "make utmost efforts'' to eliminate uncertainties among the people about the economy and their livelihoods, Kyodo said. His Cabinet is to submit a second supplementary budget when parliament convenes Monday.

However, as Aso's ratings dip, the opposition is expected to press its demand for early elections, Kyodo said.