International Contagion, Stocks Sink, Upgrades Galore
Fears of an international financial contagion of European governments being unable to meet their budget deficits weighed on the U.S. stock market. The Dow Jones Industrial Average closed below the critical 10,000 level despite a flurry of big name corporate upgrades. Financial stocks led the decline as concerns primarily remain in the banking sector. The DJIA gave back -103.84 to 9908.39, the Nasdaq fell -15.07 to 2126.05 and the S&P 500 dropped -9.45 to 1056.74.
^LEN^: Climbed 5.03% or 74 cents to $15.45/share after the Wall Street Journal said some positive words about the home builder sector.
^HD^: Was among the upgrades today, climbing 2.11% or 59 cents to $28.57/share after being upped to “overweight” at Morgan Stanley.
^CVS^: Beat analysts estimates by 1 cent, advancing 5.34% or $1.66 to $32.73/share.
^MOT^: Climbed 2.97% or 19 cents to $6.59/share after Barron’s reported that if it gets rid of its mobile phone unit and revenue increases, the stock price may grow by 40% this year.
Gold climbed $13.20 to $1066.00, oil moved higher by 50 cents to $71.69 and the VIX index added 1.72% to 26.56.
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