Stocks Go Insane, Greenspan Sluggish, Crude Climbs
What an insane day in the stock market today! The session was marked by extremely wide swings as stocks started the day on a positive note in response to bullish economic data. Bearish news from the Chicago PMI, indicating a slowing economy, counteracted the good news sending the market wheeling sharply downward.
Bulls quickly took advantage of the relative bargain prices on this final trading day of the third quarter, pushing shares back into positive territory midday. Economic reality soon counteracted the bull’s assault with Alan Greenspan saying he sees a very sluggish economy as stocks flatten out. The market reacted by dropping quickly, ending the day in negative territory. Truly, an insane day for market participants.
The DJIA ended the session lower by -29.92 to 9712.28, the tech heavy Nasdaq fell -1.62 to 2122.42 and the broad based S&P 500 dipped -3.54 to 1057.07.
Ameriprise Financial
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PowerRating): Agreed to buy the Columbia Stock and bond funds from Bank of America for up to $1.2 billion in cash sending shares higher by 12.34% or $3.99 to $36.33.
Nike Inc
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PowerRating): First quarter profits exceeded analyst’s estimates due to cost cutting, shares reacted by advancing 7.67% or $4.61 to $64.70/share.
Saks Inc
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PowerRating): Fell 4.88% or 35 cents to $6.82/share after announcing a plan to issue up to $100 million dollars worth of new shares.
Versar
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PowerRating): The environmental testing company surged 32.07% or $1.18 t0 $4.86 after being chosen among 16 others for a $3 billion dollar contract from the U.S. Air force.
Oil soared $3.90 to $70.30, gold advanced $14.90 breaking the $1009.00 barrier to $1008.00 and the VIX fear index ended the day up 1.67% to 25.61.
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