Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY ETFs...
5/21/09 16:15 ET Dow -129.91 at 8292.13, Nasdaq -32.59 at 1695.25, S&P -15.14 at 888.33:
[BRIEFING.COM] Emboldened by economic concerns, sellers took control of stocks and handed the major indices a marked loss. Though declines were deep and broad, stocks still finished off of their session lows.
A sharp pullback by the U.S. dollar helped gold prices close 1.5% higher at $951.20 per ounce and oil prices pare their losses to settle pit trading with a 1.6% loss at $61.02 per barrel. The greenback's 0.8% slide took the dollar index to a four-month low and came as global investors showed concern about the U.S. economic outlook in the wake of Standard & Poor's decision to lower its outlook for the United Kingdom. Just yesterday the Fed lowered its outlook for U.S. economic growth.
Worse-than-expected jobless claims supported the premise that economic conditions remain tenuous. Initial claims for the week ending May 16 totaled 631,000, while continuing claims climbed to a new record of 6.66 million.
Treasuries took a pounding amid the economic concerns. The benchmark 10-year Note fell 43 ticks, which pushed its yield near 2009 highs. Disappointing buybacks by the Fed also provided a catalyst for the downward move by Treasuries; investors have expected that the Fed will be expanding the size of such repurchases.
Participants largely dismissed a 1.0% increase in leading economic indicators for April even though the data was better than expected and marked the first increase in ten months.
Financials (+0.2%) attempted to provide support to the broader market. They oscillated between positive and negative ground before finishing as the only sector to log a gain. Regional banks (-4.5%) were a heavy drag on the financial sector as Fifth Third (FITB 6.95, -0.76) became the latest bank to come to market looking for capital raise in the wake of the government's stress tests. Fifth Third filed a $750 million common stock offering. Meanwhile, Regions Financial (RF 4.15, -0.74) disappointed investors by pricing its previously announced offering markedly below recent averages.
Losses were broad-based for the entire session. In the end, roughly 85% of the companies listed in the S&P 500 closed in the red. The S&P 500 did find some technical support as it encountered last week's lows.
General Motors (GM 1.91, +0.46) was one of only a handful of Dow components to log a gain. GM was supported by news the company has reached a labor contract deal with the United Auto Workers Union (UAW) and the Treasury, along with more reports indicating that GM's finance arm, GMAC, will receive $7 billion from the Treasury. Including this session's spike, shares of GM are up 77% week-to-date.
Nasdaq -32.59 at 1695.25... S&P Midcap 400 -1.8... NYSE Adv/Dec 808/2214... Nasdaq Adv/Dec 779/1912.
If you find these videos or info to be helpful please Tip or donate - <<<< link on the side >>>>.
Contributions: We appreciate all donations, please help keep this site free for the World to see and profit from. You can also help by checking out the great products and services advertised on this page. Thanks again.
Please Feel free to share this blog with your family and friends, Thanks!
If you would like please comment below.
Reuters News:
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment