Markets Mixed, Goldman Positive, Upbeat Beige Book
Stocks closed mixed today despite positive words from both Goldman Sachs and the Federal Reserve. Goldman stated that it sees the credit crisis ending with strong world growth in 2010 through 2011. The Fed’s Beige Book report indicated improved conditions nationwide on the back of increased consumer spending. The ADP employment report missing estimates as more jobs were lost than expected weighed on an otherwise bull friendly session. The DJIA fell -18.90 to 10452.68 while the Nasdaq closed higher by +9.22 to 2185.03 and the broad based S$P 500 grew +0.38 to 1109.24.
Alcoa
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PowerRating): Climbing aluminum prices pushed shares higher by 6.56% or 84 cents to $13.64.
GameStop
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PowerRating): Potentially forced by Wal-Mart to cut prices, spooking investors to push shares lower by 8.26% or $1.97 to $21.87.
Micron Tech
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PowerRating): Entered the flash chip market triggering buying with shares climbing 5.02% or 39 cents to $8.16.
Constellation Brands
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PowerRating): The popular wine maker fell 2.78% or 48 cents to $16.77/share upon suffering a Goldman downgrade.
The VIX gave back another 3.65% to 21.12 while gold hit a new record high closing up $12.80 to $1213.00 and oil dropped by $1.77 to $76.53.
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