Selling Accelerates, Banks Smacked, Bernanke Nervous
Stocks sold hard for the third day in a row with the Dow Jones Industrials piercing major technical support. Selling accelerated throughout the session ending the steepest tumble since March on a low note. Banks and financial companies led the carnage as Obama’s proposed risk taking controls exasperated shares sharply lower. In addition, nervousness regarding Ben Bernanke not being reappointed to Fed Chief further frustrated the bulls. The DJIA was smacked down -216.90 to 10172.98, the Nasdaq descended -60.41 to 2205.29 and the S&P 500 lost -24.72 to 1091.76.
^GS^: Dropped 4.20% or $6.75 $154.12/share as the entire financial sector suffered from regulatory suggestions.
^AXP^: A FBR Capital Markets downgrade sent shares tumbling lower by 8.47% to $3.57 to $38.59.
^IGT^: Bucked the downtrend, climbing 2.18% or 44 cents to $20.64/share after Oppenheimer upgraded shares to “outperform”.
^NRG^: Chosen to replace Sun Microsystems in the S&P 500 shares, advanced 3.04% or 73 cents to $24.73.
Oil fell $1.92 to $74.16, gold gave back $11.20 to $1092.00 and the VIX fear index surged higher by a saber rattling 22.63% to 27.31.
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