Stocks Steep Sell, Grumpy Geithner, Senate Approves
Stocks suffered a steep sell off today despite the Senate’s approval of an $838 billion stimulus package. Timothy Geithner appeared grumpy and spooked the market with words of uncertainty, risk and time during his speech regarding the potentially $2 trillion government dollars arriving to unlock the credit markets. Even Ben Bernanke stating that the stimulus package, as written, is “no panacea” for the markets, further depressed share prices. This ugly day resulted in the DJIA dropping below the 8000 support level -381.99 points to 7888.88, the Nasdaq fell -66.83 to 1524.73 and the S&P 500 gave back -42.73 to 827.16.
Bank of America
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PowerRating) – Led the DJIA lower falling 19.30% or $1.33 to $5.56 after negative sentiment expressed by Obama and Geithner.
American Financial Group
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PowerRating) – A bright spot in today’s dark day climbing 11.86% or $2.10 to $19.80/share after it increased its 2008 profit forecast.
Qwest Communications
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PowerRating) – The communication company rallied 2.37% or 0.08 cents to $3.45/share upon beating analysts fourth quarter profit estimates.
Corrections Corp
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PowerRating) – The prison owner fell 26.76% or $4.02 to $11.00/share after saying it expects to miss analysts estimates.
Oil dropped $2.01 to $38.04, Gold soared $21.40 to $914.20 and the fear VIX index jumped 6.94% to 46.67.
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