Employment Smacks Stocks, CIT Bailout, IMF Seeking Funds
A crushingly poor nonfarm payrolls report revealing unemployment at quarter century highs smacked stocks steeply negative at the open. Fortunately, for the bulls, bargain hunters went to work slowly lifting shares into positive territory by midday. However, it was not enough to allow the market to stay positive as it slipped negative into the close. Other critical news included the International Monetary Fund (IMF) debating ways to raise capital from banks to prevent another crisis. In addition, bealequred finance company, CIT Group may be bailed out by a $6 billion dollar bond holder loan within the week, adding a bit of positive spin to the otherwise dreary day. The DJIA fell -21.61 to 9487.67, the tech heavy Nasdaq ended the day down -9.37 to 2048.11 and the broad based S&P 500 closed off -4.64 to 1025.21
Apple Inc
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PowerRating): UBS AG raised its rating to “buy” sending shares higher by 2.23% or $4.04 to $184.90.
General Electric
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PowerRating): Fell 3.82% or 61 cents to $15.36/share when it was revealed that they may join with Comcast to own NBC Universal.
Wynn Resorts
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PowerRating): Increased rating to “buy” at Soleil Securities sent the stock higher by 3.14% or $2.06 to $67.66/share.
Life Time Fitness
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PowerRating): Dropped 4.55% or $1.24 to $26.04/share after being downgraded at Oppenheimer to “market perform”.
Oil dipped 87 cents to $69.67, gold crept higher by $3.60 to $1004.00 and the fear index VIX advanced 1.45% to 28.68.
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