Stocks Squeeze By, Boosted By Jobs
The major indices were all slightly higher, taking back some losses from
early in the day. Stocks gapped higher, but fell quickly, with the Dow Jones
down more than 100 at one point. Stocks managed to rally, despite pervading,
underlying negative stock sentiment.
Financial stocks are bearing the brunt of the selling, with many large investment banks under pressure amid speculation they will have to take more writedowns (full story).
Merrill Lynch
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PowerRating) fell about 6.5% today, in the news
for an SEC investigation.
The Wall Street Journal reported “Merrill engaged in deals with hedge funds that may have been designed to delay recognition of losses from mortgage securities.”
Merrill responded by saying “We have no reason to believe that any such inappropriate transactions occurred. Such transactions would clearly violate Merrill Lynch policy.” (read more).
Nonetheless, the SEC has reportedly launched a probe into Merrill’s alleged activities (read more).
Citigroup
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PowerRating) which lost 7% yesterday, is down another 4% today, hitting a 52-week low (read more).
Chevron
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PowerRating) added to the gloom, reporting a 26% decline in profit (read more).
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