Stocks Battle Back While Gold and Consumer Credit Drop
Stocks battled back for a mixed close shrugging off an avalanche of dire economic news. Consumer credit has dropped for the fourth month in a row and the IMF predicts further contraction in 2009. Oil has dropped for the 6th straight day on the recession fears of slowing spending. Despite the sluggish information, the DJIA battled back into positive territory, after spending much of the session in the red, closing up +14.81 to 8178.41, the Nasdaq poked ahead by +1.00 to 1747.17 but the broad based S&P 500 failed to break the positive barrier slipping -1.47 to 879.56.
American International Group
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PowerRating): Fell another 4.73% or 66 cents to $13.09 upon being downgraded by Standard & Poors.
Intercontinental Exchange
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PowerRating): The futures trading exchange was hurt by potential government restrictions on speculation sending shares sharply downward by 13.39% or $13.20 to 84.90.
XenoPort
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PowerRating):Â Fell 9.91% or $2.13 to $19.37/share after offering to sell 2.5 million shares at $19.00 to raise capital.
Websense
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PowerRating): Said it would miss analysts’ revenue estimates sending the stock lower by 12.86% or $2.16 to $14.64/share.
Oil continued its downward slide falling $2.81 to $60.12, gold was walloped $20.10 to $909.00 and the fear index VIX advanced above the critical 30 level to 31.30 after hitting an intraday high of 33.05.
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