Portugal Punks Stocks, New Homes Fall, Durable Goods Strong
The international contagion has punked the bull run for 2 days in a row. A downgrade of Portugal’s debt combined with increased default fear from the Greek Isles sent stocks skidding lower. A better than expected Durable Goods report counteracted a worsening picture in the New Homes number. The Euro slipped to 10 month lows against the Greenback due to the overseas concern. All eyes are on the unfolding health care reform measures and Bernanke’s testimony Thursday. The DJIA led lower by Procter & Gamble falling -52.68 to 10836.15, the tech heavy Nasdaq slipped -16.48 to 2398.76 and the broad based S&P 500 gave back -6.45 to 1167.72.
^PHM^: America’s largest home builder advanced 1.74% or 19 cents to $11.66/share despite the dire figures from the New Homes numbers.
^S^: Climbed 3.39% or 14 cents to $3.97/share upon introducing its new phone based on the Google Android platform and WiMax technology.
^TSN^: An upgrade to “buy” at BB&T Corp sent shares higher by 0.77% or 14 cents to $18.43.
^GE^: Climbed 0.76% or 15 cents to $18.48/share on a Sanford Bernstein analyst upgrade of per share profit and share price.
Gold fell $15.20 to 1089.00, oil slammed down $1.67 to $80.61 and the fear index VIX climbed 7.34% to 17.55.
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