Stock Smack Down, Dollar Power, VIX Spikes
Stocks were smacked down from an early morning rally on deep seated fears that first-time home buyer tax credit will be eliminated. Most of the components of the home builder sector dropped hard on the news. The DJIA experienced a near 200 point reversal of fortune on these fears combined with the U.S. dollar gaining power against other major currencies. The DJIA ended the day down -104.22 to 9867.96, the Nasdaq fell -12.62 to 2141.85 and the broad based S&P 500 dropped -12.66 to 1066.94.
Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating): Fell 5.06% or 82 cents to $15.40/share after word leaked that the Feds may want it to raise $40 billion, uncannily Citigroup upgraded the shares after the drop.
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating): The software kingpin climbed 2.36% or 66 cents to 28.68/share after JP Morgan raised its share price estimates.
RadioShack
(
RSH |
Quote |
Chart |
News |
PowerRating): Beat analysts estimates sending shares soaring higher by 15.90% or $2.49 to $18.15.
Private Bancorp
(
PVTB |
Quote |
Chart |
News |
PowerRating): Collapsed 36.95% or $7.02 to $11.98/share after reporting a third quarter loss greater than estimates.
Oil fell $1.82 to $78.75, gold was walloped $13.60 to $1042.80, and the VIX fear index spiked 9.16% to 24.31.
Market Snapshot | |||||||||||||||
|
Economic News |
|||
|