Stocks Flat, Housing Record Low, Fed Cuts Growth
Stocks ended the day mostly flat on the back of record low housing starts, the Fed cutting economic growth projections, and Obama’s $75 billion dollar homeowner rescue plan. The total stimulus plan will be a slow churning process in the market; it is way too early to make any observations on its effectiveness. Stocks primarily shrugged off the bad news with the DJIA ending up +3.03 to 7555.63, the Nasdaq slipping -2.69 to 1467.97 and the S&P 500 dipping -0.75 to 788.42.
Wells Fargo
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PowerRating) – dropped 4.67% or 0.64 cents to $13.05/share after announcing it will stall foreclosures until at least March 13th.
UBS AG
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PowerRating) – News hit the wire at the close of trading that Swiss officials are allowing the firm to hand over client data to U.S. officials despite solid Swiss bank secrecy laws. Plus with negative news of an SEC investigation shares reacted by dropping 3.19% or 0.33 cents to $10.00/share.
Comcast Corp
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Volcano Corp
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PowerRating) – Added 12.03% or $1.62 to $15.09/share after the medical company said it would beat analysts estimates for 2009-02-18.
Oil dropped 0.31 cents to $34.57, Gold climbed another $10.70 to $978.20 and the fear index VIX dropped 0.41% to 48.46.
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