800 Billion Pledged, Stocks Mixed, Home Prices Plummet
The massive two day rally continued today in the DJIA and S&P 500; however the Nasdaq slipped a bit due to weakness in tech names. The Feds pledged an additional $800 billion to thaw the frozen consumer credit markets while home prices posted an all time record drop of 16.6%. Despite the continuing negative economic news, stocks showed amazing resilience with the DJIA climbing +36.08 to 8479.47, the Nasdaq slipped back just -7.29 to 1464.73 and the broad based S&P 500 added +5.58 to 857.39. It looks like the government bail out project may just be starting to work its magic on the market.
Pulte Homes
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PowerRating) – Home builders climbed on news of the consumer credit government plan with Pulte adding 12.10% or $1.06 to $9.82/share.
Dollar Tree
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PowerRating) – This one price, discount retailer rallied 9.14% or $3.50 to $41.78/share after beating analysts estimates by .03 cents and upping the forecast for fiscal 2009.
E*Trade
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PowerRating) – Exploded up 50% or 0.44 cents to $1.32 after the discount stock broker stated it feels confident that it will be able to access the government TARP program.
Google
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PowerRating) – Barclay’s statement that selling was overdone in the search engine company triggered a 9.56% or $24.61 rise in the stock to $282.05.
The fear VIX index fell for the third straight day giving back 5.87% to 60.90. Oil fell another $3.73 to $50.78 and gold added $0.10 to $820.50.
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