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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PowerRating) – 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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PowerRating) – 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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PowerRating) – 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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PowerRating) – 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.
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