Wall Street Swine, Biotech Boom, GM Retools
Fears of a swine flu pandemic swept across the world’s stock markets depressing prices despite positive news on several fronts. Stocks started out lower, then realization that the pig flu outbreak is likely mostly hype, pushed shares into positive territory midday. In the afternoon, fear mongering analysts stated that the flu could crash the economy sending stocks lower into the close. Biotech’s surged in response to the pig flu rumors. In addition, General Motors boomed higher after announcing a restructuring plan to enable it to obtain government aid. The DJIA dropped -51.29 to 8,025.00, the Nasdaq gave back -14.88 to 1,679.41 and the S&P 500 fell -8.72 to 857.51.
Hemispherx Biopharma
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PowerRating) – Surged 39.66% or 0.23 cents to 0.81 cents after the Japanese Government ramped up its flu research due to the supposed swine flu outbreak.
Timken
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General Motors
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Wells Fargo
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Oil fell $1.41 to $50.16, Gold gave back 5.90 to $908.20 and the VIX index surged 4.07% to 38.32.
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