The Stock List: Stocks Plunge As Fed Warns on Economic Downside Risks
Stocks managed to hold their own for most of the session on Wednesday, but sold off sharply after remarks by Fed Chairman Ben Bernanke, suggesting that signficant downside risks to the economy still remain.
With all sectors reversing lower into the close of trading on Wednesday, the most aggressive selling continued to be in the financial sector and among energy stocks. In addition to the financials noted below, shares of ^WFC^ plunged by more than 3%, while major integrated oil stocks like ^CVX^ and ^XOM^ fell by more than 3% and 2%, respectively.
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Here are 7 Stocks You Need to Know for Thursday
^HPQ^ rallied by well over 6% ahead of trading on Thursday on news that the company’s board of directors was considering replacing current HP CEO Leo Apotheker with former eBay CEO Meg Whitman.
Weakness in copper has helped bring out the sellers in ^FCX^. The stock sold-off by more than 7% ahead of trading on Thursday, closing lower for a fourth day in a row. Freeport McMoran has been trading below its 200-day moving average since early August.
Shares of ^MS^ fell to new lows below the 200-day moving average, dropping by more than 8%, while Bank of America ^BAC^ finished trading on Wednesday down well over 7%. BAC is also trading below its 200-day.
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Up more than 2% in Wednesday’s trading but finishing well off session highs were shares of ^GIS^. The stock had rallied to its highest level since June intraday before retreating.
After closing higher for seven straight trading days, ^AAPL^ showed signs of selling on Wednesday, opening near session highs and closing near session lows.
While Eric Schmidt of ^GOOG^ faced congressional grilling on Capitol Hill, shares of the stock closed lower for a third day in a row. GOOG has been trading below its 200-day moving average since early August.
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David Penn is Editor in Chief of TradingMarkets.com