Suspicious Stocks, Finance Falls, Gaining Gold
The weekly rally hit resistance today with stocks showing suspicion over the government bail out plan actually working in the real world. Financial shares led the drop as pessimism grew regarding the world’s economic situation. Sometimes considered a safe haven, gold reacted by gaining sharply along with the entire commodity complex. The DJIA gave back -85.78 to 7400.48, the Nasdaq dropped -7.74 to 1483.48 and the broad based S&P 500 fell -10.31 to 784.04.
Oracle
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PowerRating) – Beat analysts profit estimates by 11% resulting in shares climbing 10.87% or $1.74 to $17.58/share.
Prudential
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Knight Capital
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PowerRating) – The stock market maker fell 15.24% or $2.65 to $14.74/share upon being downgraded to neutral by Goldman due to an increase regulatory trading fees.
Sohu.com
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Gold soared $69.70 to $958.80, Oil added $3.47 to $50.92 and the fear index VIX advanced 9.04% to $43.68 as fear comes back to stocks.
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