Auto Sales Slammed, Stocks Vacillate, Bernanke Nervous
Stocks fought back hard from the sharp selling on Monday only to have the last effort knocked back down from the break even point. Indexes vacillated from positive to negative as they digested the day’s news flow. Dire news of huge sales drops in the auto sector combined with Bernanke appearing nervous as he defended the multiple bailout attempts of AIG before policy makers. The DJIA slipped -37.27 to 6726.02, the Nasdaq dipped -1.84 to 1321.01 and the broad based S&P 500 gave back -4.49 to 696.33.
AutoZone
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PowerRating) Smashed analysts earning estimates climbing 7.96% or $11.15 to $151.18/share.
General Motors
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PowerRating) Held up surprising well after revealing a massive sales decline. Shares slipped 0.50% or 0.01cents to $2.00/share.
General Electric
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PowerRating) Led the DJIA lower after UBS stated the stock has substantial downside risk. Shares gave back 7.76% or 0.59 cents to $7.01/share.
DR Horton
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PowerRating) Gave back 9.07% or 0.73 cents to $7.32 after the homebuilder was cut by Credit Suisse.
Oil climbed $1.50 to $41.45, Gold fell another $26.40 to $913.60 and the fear index VIX fell 3.27% to 50.93 today.
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