Bears Awaken, NY Fed Subpoenaed, Chinese May Raise Rates
The S&P 500 experienced its first pullback of the New Year on earnings and economic recovery jitters. The much-anticipated Alcoa earnings disappointed the Street, while well founded fears of a Chinese interest rate increase brought the bears out of their caves. News of the Federal Reserve Bank of New York being subpoenaed in an AIG probe added to the session’s negativity. The DJIA gave back -36.73 to 10627.26, the Nasdaq fell -30.10 to 2282.31 and the S&P 500 dropped -10.76 to 1136.22.
^ERTS^: Fell 7.77% or $1.42 to $16.85/share after preliminary third quarter results missed analysts estimates.
^JCI^: Climbed 3.42% or 99 cents to $29.97/share after a Jim Cramer recommendation.
^MGM^: A Goldman Sachs upgrade sent shares higher by 9.63% or $1.05 to $11.95.
^MFLX^: Sunk 10.57% or $2.95 to $24.95/share upon missing analysts second quarter estimates.
Gold took a hit falling $22.10 to $1129.00, oil gave back $2.58 to $79.94.54 and the VIX index climbed 3.99% to 18.25.
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