World Bank Smashes Stocks, Confidence Shook, Oil Falls
An extremely pessimistic economic forecast for 2009 from the World Bank smashed stocks lower today. The bank is expecting growth to decrease by 2.9% shaking confidence in the current rebound. The fear index VIX surged up over 13% intraday as traders scrambled to protect their holdings with derivatives. The DJIA lost -200.72 to 8339.01, the Nasdaq plummeted -61.28 to 1766.19 and the S&P 500 gave back -28.19 to 893.04
Alcoa
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PowerRating) – Led the DJIA lower as dismal growth forecasts hurt the commodity complex. Shares slipped 8.64% or 0.94 cents to $10.04.
Aetna
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PowerRating) – The insurer fell 6.45% pr $1.67 to $24.24/share as government regulation may cause costs to increase.
CarMax
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PowerRating) – Dropped 8.69% or $1.33 to $13.98 after being cut to hold by Deutsche Bank.
Walgreen
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PowerRating) – Fell 5.82% or $1.83 to $29.60/share after announcing a falling third quarter profit.
Oil slipped $2.62 to $66.93, Gold fell $14.70 to $921.50 and the VIX spiked higher 11.36% to 31.17.
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