Stocks Spooked, CIT Rescued, Housing Let Down
Stocks were spooked today as the housing numbers disappointed investors. Serious worries about the reality of the economic recovery triggered an all session long selling frenzy. Positive word of Cit Group obtaining a $4.5 billion rescue loan failed to spark any broader market bullish sentiment. The DJIA collapsed -119.48 to 9762.69, the tech heavy Nasdaq fell -56.48 to 2059.61 and the broad based S&P 500 gave back -26.78 to 1042.63.
Goldman Sachs
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PowerRating): Reduced its third quarter GDP economic forecast with the company giving back 3.51% or $6.27 to $172.34/share.
Cheesecake Factory
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PowerRating): A Goldman upgrade failed to lift shares that closed down 1.70% or 32 cents to $18.51.
Cit Group
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PowerRating): Shares climbed on news of a rescue loan closing up 10.42% or 10 cents to $1.06.
Symantec
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PowerRating): Shares closed lower by 2.66% or 43 cents to $15.73 despite surging higher intraday after beating profit and revenue forecasts.
Oil fell $2.37 to $77.18, gold gave back $7.30 to $1028.09 and the VIX spiked 12.40% to 27.91.
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