Consumer Credit Falls, Defaults Surge, Stocks Mixed
Consumer credit fell for the 7th straight month as American households tighten the purse strings by curbing spending. Fitch’s Prime Credit Card Chargeoff Index climbed to the highest in 25 years at 11.52% in concert with climbing unemployment. Stocks primarily shrugged off these dire signals with the DJIA falling just -5.67 to 9725.58, the tech heavy Nasdaq advanced +6.76 to 2110.33 and the broad based S&P 500 eased higher by +2.85 to 1057.57.
Pulte Homes
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PowerRating): Fell 3.73% or 39 cents to $10.07/share following the entire home builder sector on Deutsche Bank advised the Feds may not extend the buyers credit past the November deadline.
Amazon
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PowerRating): Advanced 3.40% or $3.11 to $93.99/share after it announced a new Kindle reader for international use and lowered the price of the U.S. based model.
Talbots
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PowerRating): Climbed 15.90% or $1.52 to $11.07/share upon FBR Capital raising its share price estimates of the middle aged ladies clothier.
Wyndham Worldwide
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PowerRating): Soared 7.56% or $1.24 to $17.49/share after being upgraded to “buy” at Goldman Sachs.
Gold powered ahead another $4.70 to $1044.00, oil fell $1.31 to $69.85 and the fear index VIX contracted 3.89% to 24.70.
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