Recession Hits Hard, Stocks Slammed, Oil Drops
The 5 day stock market bull run was smacked down today on the official proclamation of an economic recession. The National Bureau of Economic Research announced that the U.S. expansion that started in 2001 has now ended. They are warning that this downturn could be the worse on record since World War II. Stocks had a severe negative reaction to the recession news with the DJIA falling a whopping -679.95 to 8149.09, the Nasdaq was not immune giving back -137.50 to 1398.07, and the broad based S&P 500 followed suit dropping -80.03 to 816.21.
General Electric
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PowerRating) – Fell 9.78% or $1.68 to $15.49/share upon the news of manufacturing contracting the most since 1982 and worries of the company lowering its forecast.
Goldman Sachs
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Limited Brands
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Mentor Corp
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PowerRating) – Soared 89.41% or $14.44 to $30.59/share after Johnson and Johnson agreed to purchase the breast implant maker.
Oil gave back $5.15 slipping to below $50.00/barrel to $49.28. Gold plummeted $42.20 to $776.80 and the VIX fear index jumped 23.93% to 68.51.
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