Stocks Sink, Fed Uncertain, Gold Spikes
Stocks traded in an erratic pattern for most of the day. A late session sell off pushed the indexes solidly into negative territory for the close. The FOMC minutes indicating that the Fed is uncertain about the recovery combined with negative news from the job front led to the selling. Gold spiked higher on safe harbor buying as investors searched for safer alternatives than stocks. The DJIA dropped -29.93 to 9280.67, the Nasdaq gave up -1.82 to 1967.07 and the broad based S&P 500 dropped -3.29 to 994.75.
Newmont Mining
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PowerRating): This gold mining firm rallied 9.26% or $3.72 to $43.90/share on the back of the spike in gold.
Netgear
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PowerRating): An upgrade to overweight at Barclays pushed shares higher by 11.50% or $1.95 to $18.91.
Take Two Interactive
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PowerRating): Posted a narrower than expected loss sending shares up by 7.78% or 79 cents to $10.95.
Textron
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PowerRating): The airplane and helicopter builder earned a Goldman Sachs upgrade to buy causing shares to climb 12.19% or $1.89 to $17.39.
Oil remains unchanged at $68.01, gold spiked $22.20 to $978.50 and the VIX fear index fell by 0.86% to 28.90.
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