Dollar Collapses, Stocks Fall, Oil Under $40.00
Stocks attempted a valiant rally in the closing 30 minutes of trade, only to be knocked back down during the final 10 minutes of play. Economic jitters counteracted the bullish rate cut keeping equities negative on the day. The rate slash nailed the U.S. Dollar knocking it down to 13 year lows against the Yen and oil dropped to below $40.00/barrel intraday due to fears of over supply. The DJIA ended the day down -99.80 to 8824.34, the Nasdaq gave back -10.58 to 1579.31 and the broad based S&P 500 dipped -8.76 to 904.42.
Cadence Pharmaceuticals
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PowerRating) – Soared 30.00% or $1.50 to $6.50/share after positive test results for a new pain drug.
ConAgra Foods
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VeriFone
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Kansas City Southern
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PowerRating) – A railroad company that climbed 19.95% or $3.36 to $20.20/share upon being upgraded to buy by UBS.
Oil dropped hard $3.54 to $40.40, gold climbed $25.80 to $868.50 and the fear index VIX 4.83% to 49.84.
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