Bernanke Suggests Increase, Markets Slip, Poor Results
A suggestion that Bernanke may increase the discount rate as a tool to extradite the Fed from the economy sent stocks lower on the session. Poor results from several large names further weighed on the market. On the positive side, the U.S. dollar reacted favorably to the rate rise suggestion. The DJIA slipped by -20.26 to 10038.38, the Nasdaq fell -3.00 to 2147.87 and the S&P 500 gave back -2.39 to 1068.13.
^AIG^: Surged higher by 16.34% or $3.78 to $26.92/share after hiring more banks to help it manage new IPO’s.
^DF^: Missed estimates by 7 cents sending shares sharply lower by 13.89% or $2.45 to $15.19.
^DELL^: A Bank of America upgrade to buy resulted in shares climbing 1.48% or 20 cents to $13.75.
^BIDU^: Advanced 10.83% or $47.12 to $482.13/share upon posting first quarter sales beating analysts estimates.
Gold fell 1.10 to 1076.00, oil added 81 cents to 74.56 and the VIX fear index dropped 2.31% to 25.40.
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