Today's markets were looking like another great day was in the works, but then we saw a classic "gap and crap" trading day where the market gapped higher by enough that traders decided to sell rather than buy. Despite whipping around and uncertainty over the stock market, this bailout package is taking away the flight to quality trading and the 10-Year T-Note yield was 0.16% higher today alone at 4.02% as a result.
Here are today's unofficial closing bell levels:
DJIA: 9,310.99 (down .82%)
S&P 500: 997.99 (down .53%)
NASDAQ: 1,779.01 (down 3.54%)
Apple Inc. (NASDAQ: AAPL) was down 3% in the minutes before the closing bell today, with shares at $106.65. Steve Jobs issued some new MacBooks for the introductory price of $999 to get under the $1,000.00 hurdle, but Wall Street didn't care about its new offerings, which are scheduled to come in time for Christmas.
Fifth Third Bancorp (NASDAQ: FITB) was up a sharp 18% at $12.91 today immediately before the close after the Fed's rescue package to invest in banks. It wasn't one of the big banks to get funding, but the hope is for Fed money or that it gets bought.
Johnson & Johnson (NYSE: JNJ) showed that some companies can weather a tough consumer. It beat earnings and raised its guidance, and that was enough for it to rally. Shares were up 2.5% at $64.25 right before the close.
Pepsico, Inc. (NYSE: PEP) was the disaster that wasn't expected. The money pinch is hurting bottled beverage sales if you can believe it. Earnings were light, guidance was soft, and 3,300 jobs are getting the axe. Job cuts at Pepsi, go figure. Shares were down almost 12% at $54.42 right before the close.
Yahoo! Inc. (NASDAQ: YHOO) was down 6.3% at $12.64 right before the close on more and more talks that it is close to doing a deal with AOL. Wall Street isn't ready to endorse that today in tight markets.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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Reader Comments (Page 1 of 1)
10-14-2008 @ 4:45PM
jefferson said...
Google video: America Freedom To Fascism. "Know the truth and the truth will set you free". When corporations rule a country that country is a FASCIST government. The National Socialist Party (also known as the NAZI party) in Germany during world war II was a FASCIST government. Our government was long ago taken over by private, for profit corporations like the Federal Reserve, General Motors, G. E., etc.The fascist, financial, corporate, oligarchy (elite families), is in total control of our government. Our Declaration of Independence and Constitution are in the trash.The question is do you fight it, or go quietly into the long night of fascist, totalitarian, slavery? In times of adversity true character is revealed.