Consumer Confidence Cracks, Bad Banks Grow, Stocks Fall
Great earnings news from several major retailers was not enough to stem the bearish tide. A sharply lower reading from the consumer confidence number and a dramatic increase in problem banks led the decline. Investors are anxiously awaiting the start of Ben Bernanke’s testimony on Wednesday. A more hawkish stance is widely anticipated from the speech. The DJIA fell -100.97 to 10282.41, the tech heavy Nasdaq dropped -28.59 to 2213.44 and the broad based S&P 500 plunged -13.41 to 1094.60.
^GLW^: Fell 3.10% or 55 cents to $17.21/share after being slashed to “perform” at Oppenheimer & Co.
^HD^: Beat analysts estimates sending shares higher by 1.42% or 43 cents to $30.75.
^PALM^: A downgrade at Bank of America sent shares lower by 9.99% or 91 cents to $8.20.
^RSH^: Barclay’s cut its share price estimates resulting in a price drop of 7.37% or $1.52 to $19.11/share.
Gold gave back $10.10 to $1103.40, oil fell $1.50 to $78.81 and the VIX index spiked higher by 7.17% to 21.37.
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