G20 Riots, Stocks Sink, New Homes Disappoint
Stocks traded erratically today on the heels of a shaky durable goods figure indicating weak demand and a new homes number that missed optimistic estimates. Word that the G20, meeting in Pittsburgh this week, will replace the G8 as the primary body for world economic policy triggered small scale rioting and vandalism around the meeting site. The meeting focused on laying down new rules for the banking industry and narrowing differences in trade. Stocks reacted by ending the day well into negative territory with the DJIA down -42.25 to 9665.19, the tech heavy Nasdaq sunk -16.69 to 2090.92 and the broad based S&P 500 lost -6.40 to 1044.38.
Legg Mason
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PowerRating): Downgraded by Bank of America, the asset manager fell 2.86% or 85 cents to $28.88/share.
McDonald’s
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PowerRating): Upgraded by Sanford Bernstein to “outperform” sending shares higher by 1.48% or 83 cents to $56.95.
Intuitive Surgical
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PowerRating): Soared 6.40% or $15.50 to $257.50 after word that a committee in Japan wants to allow the importing of its da Vinci Surgical System.
Dr. Reddy’s Lab
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PowerRating): India’s second largest drug maker was raised to “overweight” at Morgan Stanley sending shares higher by 5.18% or $1.01 to $20.50.
Oil climbed 13 cents to $66.05, gold fell another $7.30 to $991.60 and the fear index VIX gained 2.65% to 25.61.
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