Stocks Slip, International Super Currency, Gold Falls

Stocks fell today failing to extend yesterdays rally. China called for a new international “super currency” due to fears of a collapsing U.S. Dollar. This suppressed the USD, however, Treasury Secretary Geithner and Fed Chairman Ben Bernanke clearly stated they oppose any attempts to institute a global currency. Losing its safe harbor appeal with equities coming back in vogue, gold fell. The DJIA slipped -115.65 to 7660.21, the Nasdaq gave back -37.44 to 1518.33 and the S&P 500 dipped -16.59 to 806.33.

CBS Corp
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– The broadcaster was upgraded to neutral by Goldman triggering a gain of 0.90% or 0.04 cents to $4.47/share.

Allegan
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– GlaxoSmithKline may buy out the Botox maker sending shares higher by 12.53% or $5.41 to $48.58/share.

International Paper
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– Obtained over $70 million in alternative fuel tax credits resulting in the stock gaining 12% or 0.98 cents to $9.15/share.

General Electric
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– Reassuring words from Deutsche Bank sent shares higher intraday but price slipped at the close 0.77% or 0.08 cents to $10.35/share.

Oil gained 0.18 cents to $53.48, Gold gave back $28.70 to $927.80 and the fear index VIX fell 0.69% to 42.93.

Market Snapshot

Dow

-115.65 7660.21

NASDAQ

-37.44 1518.33

S&P 500

-16.59 806.33

Economic
News

Existing Home Sales (Feb): Consensus: 4.45M, Prior: 4.49M

Durable Goods Orders (Feb): Consensus: -2.4%, Prior: -5.2%

Durables, Ex-Transportation (Feb): Consensus: -2.0%, Prior: -2.5%

New Home Sales (Feb): Consensus: 300K, Prior: 309K

Crude Inventories (March 20): Consensus: NA, Prior: +1942K

Initial Claims (March 21): Consensus: 650K, Prior: NA

Q4 GDP – Final (Q4): Consensus: -6.6%, Prior: -6.2%

GDP Price Index (Q4): Consensus: 0.5%, Prior: 0.5%

Personal Income (Feb): Consensus: -0.1%, Prior: 0.4%

Personal Spending (Feb): Consensus: 0.3%, Prior: 0.6%

Mich Sentiment-Rev (March): Consensus: 56.0, Prior: NA