Goldman Exposed, Rally Retreats, FDIC Trouble
The two week stock rally ended on a sour note as shares declined Friday. Word of Goldman Sachs still having $6 billion dollars of synthetic exposure to the struggling AIG depressed spirits hoping for a positive ending on the week. Additional nerve whacking banking news of the FDIC reserves going to zero without an increase in bank fees further depressed stocks. Despite the gloomy negative close, stocks still posted their first 2 week gain since early 2008. The DJIA fell -122.42 to 7278.38. The tech heavy Nasdaq retreated -26.21 to 1457.27, and the broad based S&P 500 gave back -15.50 to 768.54.
American International Group
(
AIG |
Quote |
Chart |
News |
PowerRating) – Led the S&P lower falling 22.22% or 0.36 cents to $1.26/share after state governments began actions to recover executive bonuses.
Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating) – Climbed 3.22% or $1.61 to $51.67/share upon being upgraded to a buy by UBS due to inherent “long term value”.
Xerox
(
XRX |
Quote |
Chart |
News |
PowerRating) – The copy machine maker missed analysts estimates by 7 cents triggering shares to sell off 18.73% or $1.00 to $4.34/share.
MGM Mirage
(
MGM |
Quote |
Chart |
News |
PowerRating) – Billionaires Kirk Kerkorian’s baby fell 5.28% or 0.17 cents to $3.05/share after Standard& Poors slammed its credit rating to CCC.
Oil added 0.55 cents to $51.06, Gold slipped $2.60 to $956.20 and the fear index VIX increased by 5.06% to 45.89 as market nervousness raised its ugly head once again.
| Market Snapshot | |||||||||||||
|
| Economic News |
|||
|