Justification for Today's Happy Hour

Today marks the end of February for the stock market, and thankfully it's a short month. We're not sure we could take much more of it.

Standard and Poor's index analyst Howard Silverblatt sent out his stat-filled email blast this afternoon and it's worth sharing, if for no other reason then to help you on your way to a stiff drink the bar on this dreary Friday evening.

--The S&P 500 index closed at 735.09, which was its worst close since December 18, 1996.

--The decline in the index this month was 10.99 percent, which was only the second worst February on record. The worst was in 1933.

--However, we have 1933 beat when it comes to year-to-date losses. They were off 17.85 percent at this point in that dreadful year. Right now we're down 18.62 percent in 2009, the worst two-month start to a year in history.

--Cuts in dividends forced Silverblatt to lower his estimates for 2009 dividends to a level that is 22.6 percent lower than 2008 dividends. That, dear friends, would also the lowest dividend payout since 1938.

Depressed yet? Happy hour is still on. Go get 'em.

by Megan Barnett