Markets Falter After Greenspan Comments
Mergers and acquisitions fueled a morning rally
that faded after former Fed Chair Alan Greenspan commented that he
feared a "dramatic contraction" in the Chinese market.
Crescent Real Estate has agreed to be acquired by
Morgan Stanley Real Estate for about $6.5 billion. Payless
ShoeSource reported that it will be buying Stride Rite for $800
million.
June crude futures finished up 0.4% to $65.77 per barrel.
June gold futures also added 0.4% to $662.60
an ounce after the Dollar weakened this morning against the Euro.
Around Europe, Germany’s DAX rose 1%
to finish at 7,735.88, France’s CAC 40 Index gained 0.5% to
6,120.20, and Britain’s FTSE 100 added 0.15% to 6,616.40.
Today’s
PowerRatings Heat Map is showing price action that is widely bearish across
all sectors. If you are an aggressive trader, there are many
potential short positions for you to investigate in our Heat Maps.
Our
Research Archives can give you ideas to take advantage of
pullbacks in the overall markets as well as in individual stocks.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com