Obama Considers Bank Fees, Dollar Drops, Stocks Mostly Higher
A volatile, bullish session resulted in the major indexes closing mixed on the day. President Obama suggested fees on financial service firms causing some trepidation on Wall Street. However, it was made clear that the fee will not be a transaction tax or bonus levy. Proceeds will be used to lower the U.S. deficit. Interest rate increase fears leading to a weaker U.S. dollar and appreciating Treasury Notes. The DJIA added +45.80 to 10663.99, the Nasdaq gave back -4.76 to 2312.41 and the S&P 500 climbed +2.00 to 1146.98
^KTII^: Agreed to be bought by Hillenbrand sending shares soaring 30.61% or $34.75 to $148.27.
^PG^: BMO Capital Markets cut the company to market perform resulting in shares falling 0.40% or 24 cents to $60.20.
^TUES^: The home furnishing retailer surged 33% or $1.00 to $4.03/share after forecasts beat analysts estimates.
Japan Airlines ^JALSY^: Plummeted 30.71% or $1.17 to $2.64/share after bankruptcy appears inevitable.
Oil fell 62 cents to $82.16, gold advanced $12.80 to $1152.00 and the VIX index dropped 3.20% to 17.55.
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