Markets Slip After Last Week’s Rally
The major markets fell today to start the week, following the last week’s
rally, which stands as the largest weekly rally in over 5 years. A number of
broker downgrades help to push financial stocks lower, and set the tone for a
rest day after a big weekly session last week.
A number of big-name downgrades started the week off on a sour note Monday.
American Express
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PowerRating) fell over 3% after a UBS downgrade (full
story).
Wells Fargo
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PowerRating) and Wachovia
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PowerRating) were both down big
after both companies were downgraded at Merrill Lynch (full
story).
Google
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PowerRating) fell an additional 4%, extending Friday’s decline
following Microsoft’s
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PowerRating) hostile takeover bid to acquire
Yahoo!
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PowerRating) (full
story).
Walgreens
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PowerRating) fell over 2% despite reporting an increase in
January sales, and an increase in same-store sales (full
story).
Crude oil rallied over 1% today on political worries and a production
capability issue in the U.S. Gold futures fell over 1% on speculation that the
U.S. Fed will slow the pace of its interest-rate cuts.
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