Bad News Bernanke Derails Markets
Stocks plummeted today, after Fed chief Bernanke said the U.S. Fed’s
projections for 2008 had moved lower than earlier anticipated. Many traders took
Bernanke’s comments as a market-wide downgrade, indicating more tough times to
come, in addition to lower prices.
Freddie Mac
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FRE |
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PowerRating) fell over 2% after the company said it would
change mortgage insurance rules to allow insurers to retain more capital (full
story).
Comcast
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CMCSA |
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PowerRating) rallied over 7% after the company reported a 54%
increase in Q4 profit.
Marriott
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MAR |
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PowerRating) shares rallied 2% despite missing estimate
expectations.
UBS AG
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UBS |
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PowerRating) fell 7% after the company announced it still has
significant exposure to the U.S. mortgage market.
Crude oil futures rose more than 2% today as traders bought oil on positive
expectations for the U.S. economy. Gold futures were moderately higher, in line
with rising crude futures.
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