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DOW & STI
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AK_Francis
Supreme |
06-Mar-2009 08:47
Yells: "Happy go lucky, cheers." |
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STI yesterday down while DJ up. Last nite DJ diarrhoea, STI today dangue fever liao. Chilat is d work. Moreover, its TGIF today.
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Blastoff
Elite |
06-Mar-2009 07:51
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I think STI will most likely follow suit... just wondering whether it will test 1500 points?
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Blastoff
Elite |
06-Mar-2009 07:49
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Wall Street: Ugly is backNasdaq ends at a 6-year low, and Dow and S&P 500 fall to fresh 12-year lows as investors fret about GM, Citigroup and the global economy.By Alexandra Twin, CNNMoney.com senior writer
 Adding to the global woes: China defied expectations by failing to boost its economic stimulus program. The Dow Jones industrial average (INDU) fell 281 points, or 4.1%, to close at 6,594.44, ending at the lowest point since April 15, 1997. The Dow has now fallen 14 of the last 18 sessions. The Nasdaq composite (COMP) fell 54 points, or 4% to close at 1,299.59, ending at the lowest point since 1279.24 on March 12, 2003, at the bottom of the previous bear market. The S&P 500 (SPX) index lost 30 points, or 4.2%, closing at 682.55, the lowest finish since Sept. 18, 1996. Stocks slipped at the open and kept falling from there, with the selling accelerating as the major gauges failed to hang on to key technical levels that traders watch. "Once we broke through that 700 level on the S&P, which has been intact since 1996, all the people who were watching it left the building," said Joe Clark, market analyst at Financial Enhancement Group. He said that with the major gauges at these levels, market pros have even less of a sense of where the so-called bottom is. Stocks have been sliding on and off since peaking in October 2007 amid the housing and credit market collapse and the onset of the recession - which technically began in December 2007. But the declines have picked up the pace year-to-date in response to growing pessimism about the economy. As of Thursday's close, the Dow is down almost 25% this year, the worst start in the 113-year history of the Dow. Since closing at a record 14,164.53 on Oct. 9, 2007, the Dow has fallen 53% as of Thursday's close. Since closing at a record 1,565.15 on Oct. 9, 2007, the S&P 500 has fallen 56% as of Thursday's close. Since hitting a bull-market high of 2,859.12 on Oct. 31, 2007, the Nasdaq has tumbled 54.5% as of Thursday's close. But the Nasdaq has never come near its record of 5,048.62 hit on March 10, 2000, at the apex of the Internet boom. Financials: Among the big losers, financials were hit especially hard. Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), Wells Fargo (WFC, Fortune 500) and Morgan Stanley (MS, Fortune 500) were among the losers. The KBW Bank (BKX) index lost 11.8%. Citigroup fell for a time below $1 a share, to its lowest level ever at 97 cents, before ending at $1.02. More on Citi from CNNRadio. JPMorgan Chase (JPM, Fortune 500) tumbled 14% after Moody's lowered its long-term outlook on the company to "negative" from "stable" late Wednesday. A variety of insurers slipped including Allstate (ALL, Fortune 500), MetLife (MET, Fortune 500), Chubb (CB, Fortune 500), Progressive (PGR, Fortune 500) and Hartford Financial Services (HIG, Fortune 500). Failed insurance giant AIG (AIG, Fortune 500) slumped 18.6% as U.S. regulators discussed the company's $180 billion bailout in a Senate hearing. "It's the same old story, with the financial sector continuing to hammer the market," said Steven Goldman, market strategist at Weeden & Co. "Everybody is so bearish right now that you would expect to be in the midst of a counter-trend rally," he said. "But the implosion in the banking and insurance sectors is just overwhelming." Stocks managed to snap back from 12-year lows Wednesday on hopes that China would announce that it was increasing the size of its stimulus plan. But the Chinese premier did not announce any boost to the $586 billion plan at a key political meeting in Beijing Thursday. (Full story) GM: Concerns about the outlook for General Motors also weighed on stocks Thursday. GM said in its annual filing that there is substantial doubt about the automaker's ability to survive. The company has sustained huge losses over the course of the recession and has already received $13.4 billion in federal loans. GM has said it needs additional federal money to stay afloat. GM (GM, Fortune 500) shares fell 15.5%. Wal-Mart Stores: The world's No. 1 retailer reported a bigger-than-expected jump in February sales, thanks in part to lower gas prices. Wal-Mart said that sales at stores open a year or more, a retail metric known as same-store sales, rose 5.1% in February versus forecasts for a rise of 2.4%. Separately, the company said it is boosting its annual dividend by 15% to $1.09 from 95 cents per share. Wal-Mart (WMT, Fortune 500) shares rose 2.6%. As a result of Wal-Mart, the overall retail sector posted a slight rise in February same-store sales, versus previous forecasts for a decline, according to Thomson Reuters. Nonetheless, many retailers continued to see weaker sales, due to the impact of the slowing economy and growing joblessness. Wal-Mart rival Target (TGT, Fortune 500) said sales fell 4.1%, sending shares 3.1% lower. Abercrombie & Fitch (ANF) said same-store sales plunged 30% in the month, sending shares of the clothing retailer down 13%. Nordstrom (JWN, Fortune 500) said sales fell 15.4%, sending shares of the department store chain down more than 10%. Gymboree (GYMB) warned late Wednesday that first-quarter profit will miss forecasts and same-store sales in the quarter will slide 20% to 25%. Shares of the children's clothing retailer plunged 27% Thursday. Market breadth was negative. On the New York Stock Exchange, losers beat winners by more than 12 to 1 on volume of 1.88 billion shares. On the Nasdaq, decliners topped advancers by more than five to one on volume of 2.35 billion shares. Economy: January factory orders fell 1.9% after dropping 4.9% in the previous month. Economists surveyed by Briefing.com thought orders would fall 3.5%. The number of Americans filing new claims for unemployment fell to 639,000 last week from 670,000 in the previous week, versus economists' forecasts for a drop to 650,000. Another report showed that fourth-quarter business productivity was weaker than initially reported, falling at a revised 0.4% annual rate versus the initially reported 3.2% annual rate. Economists thought it would grow at a 1.1% annual rate. Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 2.81% from 2.98% Wednesday. Treasury prices and yields move in opposite directions. Lending rates were little changed. The 3-month Libor rate held steady at 1.28%, unchanged from Wednesday, while the overnight Libor rate rose to 0.32% from 0.31%, according to Bloomberg.com. Libor is a bank-to-bank lending rate. Other markets: In global trading, most Asian markets ended lower with the exception of the Japanese Nikkei. European markets tumbled. In currency trading, the dollar gained versus the euro and fell against the yen. U.S. light crude oil for April delivery fell $1.77 to settle at $43.61 a barrel on the New York Mercantile Exchange. COMEX gold for April delivery rose $21.10 to settle at $927.80 an ounce. |
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AK_Francis
Supreme |
05-Mar-2009 10:23
Yells: "Happy go lucky, cheers." |
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iPunter
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05-Mar-2009 10:23
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STI seems to be 'imitating' the Dow... in being positive and then plunging into negative..... hehehe...  |
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Blastoff
Elite |
05-Mar-2009 10:07
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STI starting to turn negative. Any news? | ||||||||
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iPunter
Supreme |
05-Mar-2009 08:26
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There will be most likely be "Cheong Arrrhhh!!" ...
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Blastoff
Elite |
05-Mar-2009 07:04
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STI will most likely follow suit. Wonder how much it will rally? | ||||||||
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Blastoff
Elite |
05-Mar-2009 07:03
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Wall Street snaps 5-day losing streakDow, Nasdaq, S&P 500 all end the session more than 2% higher on the back of upbeat news about China's economy. NEW YORK (CNNMoney.com) -- Wall Street snapped a 5-day losing streak Wednesday, with the Dow and S&P bouncing off 12-year lows.
The markets opened higher and never looked back following reports that China's economy may be improving and as government officials unveiled details of the $75 billion foreclosure fix. The Dow Jones industrial average (INDU) jumped 150 points, or 2.2%. Earlier in the session, the Dow had been up more than 250 points. The broader S&P 500 (SPX) index rose 16.5 points, or 2.4%. The tech-heavy Nasdaq composite (COMP) jumped 33 points, or 2.5%. "China is the 800-pound gorilla, so if they are going to go out and push a lot of money, that set the stage" for Wall Street's rally, said Kenny Landgraf, principal and founder of Kenjol Capital Management. The details to the $75 billion mortgage modification plan were another major spur to the stock market rally Wednesday, according to Landgraf. "We have been hearing about this for some period of time," he said, and "it is finally here - you know what the plan is." Landgraf said that a recovery in the housing market was the key to the recovery in the national economy. Despite the government spending, however, it has been a tough road on Wall Street. On Tuesday, the Dow Jones industrial average and S&P 500 ended at fresh 12-year lows. It was the fifth straight loss for the three major indexes. The S&P 500 and Dow industrials are both more than 50% off their all-time highs from October 2007. "Anything that will show that there is a recovery so that future earnings will go up, the market will price that into equities," said Dave Hinnenkamp, chief executive officer of KDV Wealth Management. "There is a lot of ammunition there - it just needs something to ignite it." Hinnenkamp also said that stock markets would not necessarily shoot directly up. The next weeks and months could be volatile. Ed Clissold, senior global analyst at Ned Davis Research, said that he believes that the market is in the process of bottoming out. However, Clissold also said that the recovery of Wall Street would be characterized by volatility. "Today is a good step, but this healing process takes considerable amount of time, especially considering the carnage that we have seen," said Clissold, "so I wouldn't put too much into one day's action." Market breadth was positive. Advancers beat out decliners on the New York Stock Exchange 4-to-1 on volume of 1.80 billion shares. On the Nasdaq, advancers beat out decliners more than 2-to-1 on a volume of 2.36 billion. Aluminum producer Alcoa (AA, Fortune 500) and heavy construction machinery manufacturer Caterpillar (CAT, Fortune 500) led the Dow advance, both up about 13%. Meanwhile, General Electric (GE, Fortune 500) was down almost 5%, as investors feared that the conglomerate with a legendary AAA credit rating may face a downgrade that could push it into a cash shortage and funding problems. China: China said Wednesday its manufacturing activity increased for the third straight month. And Asian markets were also supported by reports that the Beijing government will add to its $585 billion stimulus program. The possible recovery of China's economy could work to bolster sentiment. "Right now, we have a lack of confidence and that lack of confidence really stems worldwide," said Hinnenkamp. He said that stimulus plans really don't have a great chance of working until the tide of consumer confidence reverses direction. The Shanghai Composite Index surged 6.1%. Japan's Nikkei ended up nearly 1%. European markets ended higher. France's CAC index was up more than 4.7%, Britain's FT-100 gained 3.8% and Germany's DAX index was up more than 5.4%. Foreclosure plan: Federal officials announced details of the President Obama's $75 billion foreclosure prevention plan and the program opened for business Wednesday. The foreclosure fix aims to modify home loans so monthly payments are no more than 31% of monthly gross income. The plan will offer incentives to borrowers and loan servicers and investors to help struggling homeowners make their payments. Labor market: Job market data released Wednesday showed continued weakness, but a mixed message about whether there's an improvement underway. Payroll-processing company Automatic Data Processing said the private sector lost 697,000 jobs in February - more than the 630,000 jobs economists were expecting, according to a survey from Briefing.com. Meanwhile, the number of planned job cuts announced in February fell for the first time since December, according to a report from outplacement firm Challenger, Gray & Christmas Inc. U.S. employers announced 186,350 job cuts, down 23% from January's 241,749 cuts, according to Challenger. Investors were bracing for the government's reading on the labor market due out Friday. The Labor Department report is expected to show that the economy shed 650,000 jobs in February, more than the 598,000 reported for January, according to a consensus estimate of economists complied by Briefing.com. The unemployment rate is expected to rise to 7.9% from 7.6%. Economy: A report released Wednesday morning showed further contraction in the service sector in February. The Institute for Supply Management's non-manufacturing index fell 1.3 percentage points to 41.6 in February from the month prior. The drop was not as steep as economists were predicting, however. Other markets: As global equities rallied, government debt prices fell. The benchmark 10-year note was down 25/32 to 98 1/32 and its yield rose to 2.98%. Bond prices and yields move in different directions. Lending rates were nearly unchanged. The 3-month Libor rate rose to 1.28% from 1.27% Tuesday while the overnight Libor rate eased to 0.31% from 0.32%. Libor, the London Interbank Offered Rate, is a daily average of rates that 16 different banks charge each other to lend money in London. Meanwhile, oil prices settled up $3.73, or almost 9%, to $45.38 a barrel. The government's weekly supply report showed that crude stockpiles decreased by 700,000 barrels in the week ended Feb. 27, while analysts expected an increase of 2.2 million barrels. The dollar lost ground against the euro and the British pound, but rose against the yen. COMEX gold for April delivery fell $5.80 to $907.80 an ounce. 
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Blastoff
Elite |
04-Mar-2009 19:23
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Stocks to try again to end slideWith Dow and S&P at lowest levels in 12 years, markets are poised to rebound at the open.By CNNMoney.com staff
NEW YORK (CNNMoney.com) -- Wall Street will take another stab Wednesday at halting the market slide that has left the Dow and S&P 500 at their lowest levels in about 12 years. At 4:27 a.m. ET, Nasdaq-100, Standard & Poor's 500 and Dow Jones industrial average futures were all higher. On Tuesday, the major indexes could not hold early gains as the continued concerns about the global economy plagued investors. The Dow lost 37 points to 6,726.02, the lowest finish since April 18, 1997. The S&P 500 ended at its lowest point since Oct. 10, 1996, while the Nasdaq closed at a 3-month low. Markets: The U.S. markets might get a lift from overseas. Asian stocks ended higher, with Tokyo's Nikkei index up 0.9%. European stocks rose in early trading. Economy: Two jobs reports will serve as a preface for the government's February data due later in the week. The outplacement group Challenger, Gray and Christmas reports the number of announced job cuts last month at 7:30 a.m. ET. At 8:15 a.m. ET, payroll services company ADP comes out with the private sector jobs data, expected to show a loss of 630,000 in February, according to a consensus of economists surveyed by Briefing.com. The Institute for Supply Management - the nation's purchasing managers - report on service sector activity after the opening bell. Economists surveyed by Briefing.com expect the February index to slip to 41 from 42.9 in January, a sign of a deepening contraction in the sector. At 10:30 a.m. ET, the government reports on oil inventories for last week. And, at 2 p.m. ET, the Federal Reserve issues its "beige book" report on economic conditions around the nation. Housing: The Obama administration is expected Wednesday to announce guidelines to help banks determine which homeowners are most in need of help to prevent foreclosure, administration officials familiar with the plan told CNN. Oil, dollar: Oil rose 60 cents to $42.25 a barrel in electronic trading. The dollar rose to a 4-month high against the yen, nearing the ¥100 mark, and was up against the dollar as well.
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Blastoff
Elite |
27-Feb-2009 22:14
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Markets skid on Citi, GDPMarkets seen opening lower on news of Citi deal, worse-than-expected GDP report.By CNNMoney.com staff
NEW YORK (CNNMoney.com) -- Stocks were poised to open lower Friday after Citigroup and the Treasury Department announced a deal giving the U.S. government more control of the bank's common stock, and the government reported that the economy shrank more than expected in the fourth quarter. As of 8:45 a.m. ET, the Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were all sharply lower. Futures measure current index value against the perceived market performance and can be used as a forecast for market activity after the opening bell. Citigroup (C, Fortune 500) and the Treasury Department announced a deal that would convert up to $25 billion in preferred shares held by the U.S. government into common stock. This would give the government control of as much as 36% of the beleaguered bank company. Under the deal, Treasury will replace a majority of the board of Citigroup, but CEO Vikram Pandit and Chairman Richard Parsons will retain their positions. Citi shares plunged 30% in premarket trading as investors interpreted the deal as a sign that another bank was "basically nationalizing," according to Todd Leone, head trader at Cowen & Co. Bank stocks continue to be front and center as investors hope that the various plans to help the financial sector will work. But with few new details emerging, financial shares remain under pressure. Shares of Bank of America (BAC, Fortune 500) were also lower in premarket trading. And on Thursday, the FDIC said its latest problem bank list had swelled to 252 - the highest since 1994. Economy: At 8:30 a.m. ET, the government announced that GDP, the broadest measure of the economy, shrank by a revised 6.2% in the fourth quarter. Economists surveyed by Briefing.com had expected a 5.4% annual decline. After the opening bell, the National Association of Purchasing Management will release the Chicago PMI - a measure of the manufacturing industry in the Midwest, which is used as a gauge for the wider economy. The PMI is expected come in unchanged at 33 for February. Companies: Ford Motor (F, Fortune 500) will reopen a plant in Cleveland that has been retooled to build more energy-efficient engines, Dow Jones reported. The move will create 250 jobs. After the closing bell Thursday, computer maker Dell (DELL, Fortune 500) reported earnings and revenue that missed analyst expectations. The company also hiked its cost reduction target to $4 billion from $3 billion. On Thursday, stocks fell as investors fretted about details of President Obama's budget outline. Obama unveiled the first version of his federal budget for the next 10 years, including an ambitious plan to reform health care, to be funded in part by hiking taxes on the rich. Healthcare stocks, including Merck (MRK, Fortune 500) and Pfizer (PFE, Fortune 500), fell on the news. The Asian markets ended mixed Friday, with Tokyo's Nikkei index gaining 1.5%. The European indexes were lower in morning trading. Oil and money: Oil prices fell $1.75 a barrel to $43.47. The dollar fell against the yen and was little changed versus the euro.
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Livermore
Master |
25-Feb-2009 12:38
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Our market never expected Dow going up yesterday. If later near market closing futures negative, market likely to go down
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AK_Francis
Supreme |
25-Feb-2009 12:33
Yells: "Happy go lucky, cheers." |
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Tokyo, SHI n HSI pulling STI legs, ha ha running out of breath liao. AK guess. Really hard to anticipate d market, either for long or short term trading liao.
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Livermore
Master |
25-Feb-2009 12:28
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It is turning down
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Blastoff
Elite |
25-Feb-2009 12:17
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Looks like STI not following DOW direction.. reversing all the morning gains.... | ||||||||
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Blastoff
Elite |
25-Feb-2009 06:36
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Dow: Triple-digit rally after routWall Street advances as the Dow and S&P 500 bounce off the previous session's nearly 12-year lows.By Alexandra Twin, CNNMoney.com senior writer
The Dow Jones industrial average (INDU) gained 236 points, or 3.3%, its best day on a point basis in over a month. The Dow ended Tuesday's session at the lowest point since May 7, 1997. The S&P 500 (SPX) index rose almost 30 points, or 4%, after ending the previous session at the lowest point since April 11, 1997. The Nasdaq composite (COMP) added 54 points, or 3.9%, after ending the previous session at a 3-month low. The Nasdaq has held up better than the broader market this year. Gains covered a variety of sectors, with banks, housing, retail, technology and energy all among the big gainers. Stocks tumbled Monday, and for the last few weeks, on worries that not even the many government stimulus programs and aid packages will be sufficient to slow the recession. The declines left the Dow and S&P 500 at almost 12-year lows. "The market lost around 10% in two weeks, which is a very quick plunge, so it's not a surprise to see an oversold bounce," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research. However, Sparks said that comments from Ben Bernanke were helping to sustain Tuesday's advance, after the Federal Reserve Chairman sought to downplay fears that the government was considering taking over struggling banks. Investors have been very nervous that banks will have to be nationalized, or that they will have to file for bankruptcy protection, as both options would wipe out all shareholder value. In light of these fears, investors were responding well to Bernanke's assertion that the banks have a "franchise value" that would be hurt by nationalization, Sparks said. Investors seemed to set aside the rest of the Fed chair's more dour congressional testimony, including his assertion that the recovery will take more than two or three years. Bernanke spoke before the Senate Banking Committee as part of his two-day semi-annual testimony on Capitol Hill. On Wednesday, he will address the House Financial Services Committee. President Obama will address both chambers of Congress Tuesday night, discussing the economy, the $787 billion stimulus package and his goal to cut the deficit in half by the end of his first term. The speech is due to start at 9 p.m. ET. (Full story). Trading Wednesday will likely take a cue from what the President says. In addition, investors will focus on the January existing-home sales report, due shortly after the market open. Sales are expected to have risen to a 4.79 million unit rate according to a consensus of economists surveyed by Briefing.com, from a 4.74 million unit rate in December. Bear-market rally: Looking out further, there is nothing to suggest a longer-term rally is brewing, said Kenny Landgraf, principal and founder at Kenjol Capital Management. "What the market has to look forward to right now is a longer recession, weaker earnings and a paralyzed banking system." Stocks experienced so-called bear market rallies after the market set a short-term bottom in October and again in November. Between the November bottom and early January, the S&P 500 rallied over 20% on hopes that the new administration's programs would speed up the ending of the recession. Schaeffer's Sparks said that stocks could again advance 15% or 20% off Monday's lows, before giving the gains back again. Economy: The S&P Case-Shiller National Home Price index plunged 18.2% in the fourth quarter versus a year ago, the biggest quarterly drop in the index's 21-year history. A monthly measure of 20 major metropolitan areas fell 18.55% in December versus a year ago, also a record. The Conference Board's February Consumer Confidence index plunged to an all-time low, falling to 25 in the month from a revised 37.4 in January. The reading is the lowest since the Conference Board began tracking the index in 1967. Company news: Home Depot (HD, Fortune 500) reported weaker quarterly earnings that beat estimates, providing reassurance that some retailers are weathering the recession. But the home improvement retailer also said it plans to open fewer new stores in 2009 and that profit will fall for the third straight year due to the housing market collapse and the recession. Shares gained 10.5%. Target (TGT, Fortune 500) reported weaker quarterly earnings that missed analysts' expectations. The retailer has suffered amid the economic downturn, with customers buying staples like food and cleaning supplies and eschewing pricier items like clothing and home decor. Shares fell 2%. JPMorgan Chase (JPM, Fortune 500) said late Monday that it's cutting its dividend by 87% to 5 cents per share, a move that it says will save it $5 billion a year. Shares gained 7.7% Tuesday. Financial stocks were among the session's big gainers, led by Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500), which both gained around 21%. Citigroup (C, Fortune 500) stock has been rising on reports that it will soon announce a deal with Treasury that would give the government a 40% stake in the bank. The Financial Times said Tuesday that a deal could be announced as soon as Wednesday. Automakers GM (GM, Fortune 500) and Ford Motor (F, Fortune 500) surged, as did large tech stocks Intel (INTC, Fortune 500), Google (GOOG, Fortune 500), Cisco Systems (CSCO, Fortune 500) and Advanced Micro Devices (AMD, Fortune 500). Market breadth was positive. On the New York Stock Exchange, winners beat losers by over five to one on volume of 1.84 billion shares. On the Nasdaq, advancers topped decliners by almost three to one on volume of 2.40 billion shares. Bonds: Treasury prices slipped, raising the yield on the benchmark 10-year note to 2.76% from 2.75% Monday. Treasury prices and yields move in opposite directions. Other markets: In global trading, Asian and European markets ended lower. In currency trading, the dollar fell versus the euro and gained against the yen. U.S. light crude oil for April delivery rose $1.52 to settle at $39.96 a barrel on the New York Mercantile Exchange. COMEX gold for April delivery fell $24.50 to settle at $970.50 an ounce.
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Hulumas
Supreme |
24-Feb-2009 09:06
Yells: "INVEST but not TRADE please!" |
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It is not far from now hopefully.
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Blastoff
Elite |
24-Feb-2009 08:44
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Will STI follow suit of is this the turning point???? | ||||||||
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Blastoff
Elite |
24-Feb-2009 08:43
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Dow and S&P 500 at '97 lowsBig losses send the two major gauges to levels not seen in nearly 12 years.By Alexandra Twin, CNNMoney.com senior writer
 NEW YORK (CNNMoney.com) -- The Dow and S&P 500 tumbled to levels not seen in nearly 12 years Monday, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.
The Dow Jones industrial average (INDU) lost 250 points, or 3.4%, ending at the lowest point since May 7, 1997. The S&P 500 (SPX) index lost 26 points, or 3.5%, ending at the lowest point since April 11, 1997. The Nasdaq composite (COMP) lost 53 points, or 3.7%. The tech-fueled index has held up better than the rest of the market so far this year, closing at the lowest points since Nov. 20, 2008. "It's fear-based selling," said Dave Hinnenkamp, CEO at KDV Wealth Management. "The fact that we're touching these multi-year lows tells you we don't know where the bottom of this thing is." Stocks gained in the morning on reports that the government may boost its stake in Citigroup as it briefly assuaged fears that the troubled bank would have to be nationalized. But the early advance quickly petered out, as the worries of the last few weeks returned. "There is just nobody who wants to buy right now," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "The skepticism is back," Kiddoo said. "I think we need to hear some optimistic talk from our leaders and soon." Stocks are now extra vulnerable with the major gauges at the multi-year lows, said Gary Webb, CEO at Webb Financial Group. "Worries about how long it will take for the government programs to have an impact and worries about the health of the banks and the autos are all there," Webb said. But there is also just the day-to-day reality that many investors are losing money and don't know when they are going to stop losing money, he said. After the close of trade, JPMorgan Chase said it was cutting its divided to 5 cents per share from 38 cents per share currently. Tuesday preview: Economic reports are due on home prices and consumer confidence. The S&P/CaseShiller Home Price index, which is due before the market open, is expected to have fallen at a record 18.25% annual pace in December, according to a consensus of economists surveyed by Briefing.com. The index tracks home prices in 20 major metropolitan areas. The Conference Board's February Consumer Confidence index is expected to have fallen to 36.0 in February from 37.7 in January. That reading would be the lowest since the Conference Board began tracking the index in 1967. A pair of retailers report quarterly earnings Tuesday morning. Dow component Home Depot (HD, Fortune 500) likely earned 15 cents per share versus 40 cents a year ago, according to a consensus of analysts surveyed by Thomson Reuters. Target (TGT, Fortune 500) is expected to have earned 83 cents versus $1.23 a year ago. Federal Reserve Chairman Ben Bernanke begins the first day of his two-day semi-annual testimony before Congress on monetary policy. On Tuesday, he speaks at a Senate Banking Committee hearing and on Wednesday at a House Financial Services Committee hearing. On Tuesday evening, President Obama addresses the joint session of Congress, with his speech due to start at 9:00 p.m. ET. Financials: Stocks have tumbled over the last two weeks on worries that the government won't be able to slow the recession, despite announcing a series of programs. On Friday, stocks slipped on worries that Citigroup and Bank of America might have to be taken over by the government altogether. Some of those worries were tempered Monday on reports that the government is looking to boost its stake in Citigroup (C, Fortune 500), something that would fall short of full nationalization but would enable it to avoid bankruptcy. Should Citigroup be fully nationalized by the federal government or forced to declare bankruptcy, that would wipe out all shareholder value. Citi gained 9.7%. Separately, Treasury said in a joint statement with other departments that the government is ready to give more money to banks if they need it. The Capital Assistance Program begins Wednesday. The program, previously announced by Treasury Secretary Timothy Geithner, involves giving banks "stress tests" to determine how they are doing and whether they need more money. Company news: Meanwhile, the Treasury is also considering its options as General Motors (GM, Fortune 500) and Chrysler continue to flounder, despite having received billions in federal aid. According to a Wall Street Journal report Monday, the administration believes the possibility of Chapter 11 bankruptcy filings by the two companies must be seriously considered. GM shares ended unchanged. Fellow automaker, Ford Motor (F, Fortune 500) has reached a tentative deal with its union on changed to retiree health care benefits, considered to be a critical concession on the part of the UAW. Shares rallied 9.5%. A variety of big tech stocks slumped, including Intel (INTC, Fortune 500), Microsoft (MSFT, Fortune 500), Cisco Systems (CSCO, Fortune 500), Oracle (ORCL, Fortune 500), Dell (DELL, Fortune 500) and Apple (AAPL, Fortune 500). Yahoo (YHOO, Fortune 500) could announce a major management reorganization as early as Wednesday, although more likely next week, according to a published report Monday. Yahoo shares fell 1.4%. Market breadth was negative. On the New York Stock Exchange, losers beat winners by almost seven to one on volume of 1.61 billion shares. On the Nasdaq, decliners topped advancers by seven to two on volume of 2.07 billion shares. Economists: A leading group of economists expect a deeper recession in the first half of the year followed by a modest recovery in the second half and a bigger recovery in 2010. Reports are due later this week on housing, manufacturing and gross domestic product growth. Bonds: Treasury prices inched higher, with the yield on the benchmark 10-year note falling to 2.77% from 2.79% Friday. Treasury prices and yields move in opposite directions. Other markets: In global trading, most Asian markets ended mixed, while European shares ended lower. In currency trading, the dollar gained versus the euro and the yen. U.S. light crude oil for April delivery fell $1.59 to settle at $38.44 a barrel on the New York Mercantile Exchange. COMEX gold for April delivery fell $7.20 to settle at $995 an ounce.
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21-Feb-2009 10:43
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Dow closes at 6-year lowWorries about the bank sector batter the Dow and S&P 500, while the Nasdaq manages to stabilize.By Alexandra Twin, CNNMoney.com senior writer
 Treasury bond prices rallied, lowering the corresponding yields, and gold prices flirted with record highs as investors sought safety in hard assets. The Dow Jones industrial average (INDU) lost 100 points, or 1.3%, closing at the lowest point since Oct. 9, 2002, at the bottom of the last bear market. Since peaking at 14,164.53 in November of 2007, the Dow has lost 48%, as the recession, housing market collapse and banking crisis have all pummeled investor confidence. The S&P 500 (SPX) index lost 9 points, or 1.1%, ending at the lowest point since Nov. 20, 2008, seen by some as the low of the current bear market. The Nasdaq composite (COMP) lost 1 point or 0.1%, erasing bigger losses. The session low was 1416.96, which is still above the Nasdaq's low from January of this year. The tech sector has performed better in 2009 than the rest of the market. Stocks had tumbled through the early afternoon on worries about the economy and the future of the biggest banks, amid talk that the government might have to nationalize the hardest-hit companies. But stocks managed to cut losses and the Nasdaq turned higher for a while after White House spokesman Robert Gibbs reiterated that the administration believes in a privately held banking system. The comments from Gibbs seemed to give investors a reason to stop selling off the banks so much and to get back into the market, said Joseph Saluzzi, co-head of equity trading at Themis Trading. "The Gibbs' conference gave them an inkling of hope that the government won't nationalize the banks and that brought people back in," Saluzzi said. However, the confidence problem that has been plaguing the markets remains in place for the time being, Saluzzi said. "Without confidence, no one wants to step up and buy," he said. Stocks have been sliding over the last few weeks as investors have shown skepticism about the government's ability to slow the recession, despite the announcement of a series of programs, including a massive economic stimulus package. Skepticism about CEOs is also a factor. And worries remain that another Ponzi scheme could be brewing, along the lines of Bernie Madoff or Robert Allen Stanford. "The stimulus plan got more attention, but fixing the banking system in a way that's durable is the primary overhang in the markets right now," said Lee Schultheis, chief investment strategist at AIP Mutual Funds. Financials: Bank, housing, insurance and other financial stocks have led the retreat this year and continued to do so Friday. Bank stocks were hit especially hard Friday on worries that the government may have to nationalize certain flailing banks, a move that would wipe out shareholder value. Senate Banking Committee Chairman Chris Dodd, D-Conn., said that such short-term takeovers may be necessary. However, the White House is not in favor of such a move. Dow components Bank of America (BAC, Fortune 500) Citigroup (C, Fortune 500), American Express (AXP, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) all tumbled through the afternoon. But all except Citigroup managed to cut losses by the close. The selling in the bank sector has picked up in the last 10 days since Treasury announced a revamped bank bailout plan that critics say provides few essential details. In particular, the plan did not establish how to value the bad assets that are cluttering up bank balance sheets. "Not only is a good solution required, but it has to happen quickly," Schultheis said. "Every day that goes by without action is adding to the deteriorating environment for corporate earnings, which is hurting stocks." On Thursday, the Dow ended at the lowest point since Oct. 9, 2002, the low of the last bear market. The S&P ended the session at its lowest point since Nov. 20 of last year, when the panic around the financial crisis peaked. Tech has performed better than the rest of the market and the Nasdaq stands almost 10% above its Nov. 20 close. Over the last two weeks, the government has announced a number of programs meant to take the edge off the recession. President Obama's $75 billion housing plan, announced Wednesday, is intended to help up to 9 million struggling borrowers. On Tuesday, Chrysler and GM asked for another $21.6 billion to stay afloat on top of the $17.4 billion in government assistance they have already received. Investors are still sorting through the details of the $787 billion economic stimulus plan, signed into law Tuesday. Company news: Lowe's (LOW, Fortune 500) reported weaker quarterly sales and earnings and issued a fiscal 2009 forecast that is short of analysts' expectations. J.C. Penney (JCP, Fortune 500) reported higher-than-expected earnings but forecast a current-quarter loss that is bigger than what analysts are expecting. General Motors (GM, Fortune 500) tumbled 11% on ongoing worries about its solvency, closing at a more than 70-year low, according to Dow Jones. Market breadth was negative. On the New York Stock Exchange, losers beat winners by almost three to one on volume of 2.12 billion shares. On the Nasdaq, decliners topped advancers by over 2 to 1 on volume of 2.57 billion shares. Economy: The Consumer Price Index rose 0.3% in January, as expected, after falling 0.8% in December. The so-called Core CPI, which strips out volatile food and energy costs, rose 0.2% versus forecasts for a rise of 0.1%. Core CPI was flat in December. Other markets: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 2.79% from 2.81% Thursday. Treasury prices and yields move in opposite directions. In currency trading, the dollar gained versus the euro and the yen. U.S. light crude oil for March delivery fell 54 cents to settle at $38.94 a barrel on the New York Mercantile Exchange after spiking 14% Thursday. COMEX gold for April delivery rose $25.70 to settle at $1,002.20 an ounce, near an all-time high.
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