Free Market Obama, Stocks Off Lows, Gold Breaks $1000.00
Fears of bank nationalization pushed stocks steeply lower intraday, however, President Obama stepped into the fray reassuring the marketplace that he strongly believes in the free market. This resulted in stocks bouncing off their lows, however, still closing down on the day. Gold broke the magic $1000.00/oz threshold intraday prior to pulling back due to investors seeking safety in the ancient yellow metal. The DJIA closed down -100.28 to 7365.67, the Nasdaq was almost flat slipping just -1.59 to 1441.23, and the S&P 500 fell -8.89 to 770.05.
Bank of America
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PowerRating) – Fell hard prior to bouncing back on bank nationalization fears; shares lost 3.82% or 0.15cents to $3.78/share.
Intuit Inc
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PowerRating) – Climbed 13.07% or $2.78 to $24.09 upon stating it will beat analysts 2009 estimates.
Red Robin
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VCA Antech
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PowerRating) – The veterinary hospital operator added 10.17% or $2.09 to $22.65/share upon beating analysts estimates by 23%.
Gold added $27.70 to $1,002.20, Oil slipped 0.54 cents to $38.94 and the VIX fear index climbed 4.72% to 49.30.
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