Greek Trouble, Stocks Smacked, Dollar Up
Standard & Poor’s downgrading Greece’s debt for the second time sent tremors over the world’s equity markets. U.S. stocks were smacked lower on the global fear and worries of the Federal Reserve ending the stimulus programs early next year. The Greenback was a beneficiary of the selling pressure as investors raced into the relatively safe harbor of the currency. The DJIA gave back -132.86 to 10308.26, the tech heavy Nasdaq fell -26.86 to 2180.05 and the broad based market barometer known as the S&P 500 dropped -13.11 to 1096.07.
Citigroup
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PowerRating): Was one of the leading losers in the S&P 500 falling 6.67% or 23 cents to $3.22/share as it sold 5.4 billion shares to pay back TARP at less of price than the government paid.
Discover Financial
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PowerRating): This third tier credit card issuer gave back 9.14% or $1.50 to $14.92/share after announcing a 16% profit decline.
Harley Davidson
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PowerRating): Fell 4.83% or $1.30 to $25.59/share upon being added to Goldman Sachs “conviction sell” list.
Rite Aid
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PowerRating): Soared 12.78% or 17 cents to $1.50/share after announcing a less than expected loss.
Gold was hit hard dropping $29.00 to $1107.00, oil eased higher 6 cents to $72.72 and the VIX fear index climbed 9.59% to 22.51.
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