I missed most of this day as I was traveling, but heard the news. Take a deep breath for a moment and let's get some facts on the table. I wrote earlier today that the market weathered the earnings season in a very healthy way and corporations did give relative good guidance for 2007.
So China took a hit, which reminds seasoned investors of the Russian ruble crisis back in the late 90s and the long-term capital hedge fund crisis, as well. Our stock market will weather this storm.
Inflation is low, relative interest rates are also still low. The Federal Reserve has taken no upward action in five months -- next step is lowered rates. Former Chairman Greenspan has warned of a recession. That is his sixth warning in the last two years. Not discounting it, but his armchair quarterbacking has a bit less crunch to it.
1) Bank of America (NYSE:BAC) -- stock was down $2 today and the current yield is 4.3%
2) Wells Fargo (NYSE:WFC)-- was down $1.28 to $34.39 sporting a current yield of 3.2%
3) Citigroup Inc. (NYSE:C) -- was down $2.08 to $50.60 and yielding 4.1%
These are three quick high-yielding ideas for now. I will submit more for you tomorrow morning. For now, hang on and realize we will get through this. History does repeat itself and other nation's economies do affect ours, but the U.S. is standing strong and solid. Corporate earnings are not going to evaporate over this correction.
Georges Yared is the author of recently released books "Baby Boomer Investing...Where do we go from here?" and "Stop Losing Money Today" For more info go to http://www.georgesyared.com.