Citigroup Down Big, Stocks Struggle, Economy Shrinks
Stocks struggled today closing lower on the session. Word that the government may takeover a large share in Citigroup pushed the company much lower due to reigniting bank nationalization fears. The economy shrunk to levels not seen since 1982 as the GDP suffered a 6.2% contraction on an annual basis. The DJIA gave back another -119.15 to 7062.93, the tech heavy Nasdaq dropped -13.63 to 1377.84 and the broad based S&P 500 slipped -17.74 to 735.09.
Citigroup
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PowerRating) – Plummeted 41.87% or $1.03 to $1.42/share on reignited bank nationalization fears despite the CEO words to the contrary.
MetLife
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PowerRating) – The giant life insurer fell 23.05% or $5.53 to $18.46 after Standard & Poors downgraded the insurer’s credit ratings.
Calgon Carbon
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PowerRating) – Climbed 15.81% or $2.00 to $14.55/share after beating analysts EPS estimates by 44%.
Public Storage
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PowerRating) – Added 5.82% or $3.05 to $55.48/share upon beating analysts estimates.
Oil dropped 0.46 cents to $44.21, Gold dipped 0.10 cents to $942.50 and the fear index VIX added 3.78% to 46.35.
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