Today's data on the horrible jobless and durable goods data was a blow, but the markets ended up sweeping it under the table. For a bit. Then the Obama budget went to Congress with all the entitlement spending packages and tax increases. Whether or not these make into law and policy is one thing, but the investment community is beginning to wonder now whether the new rules will make it worthwhile to even invest. That is a sad thought and probably an unfair notion in the end, but this is what traders and investors have said. Here are today's unofficial closing bell levels:
Dow 7,182.08 -88.81 (-1.22%)
S&P 500 752.82 -12.08 (-1.58%)
Nasdaq 1,391.47 -33.96 (-2.38%)
Top Analyst Calls
American International Group, Inc. (NYSE: AIG) rose on word that it was talks with the government for a pact that would possibly split the company into 3 government controlled units. This had shares up over 30%, but shares were up about 11% at $0.51 right before the close.
Citigroup Inc. (NYSE: C) was higher initially on talk of new government funding that didn't wipre out shareholders, but it slid throughout the day. Shares were down almost 3% at $2.46 right before the close.
Cisco Systems Inc. (NASDAQ: CSCO) was hit this morning after it had to replace it VP of worldwide operations due to prostate cancer and because the company has begun layoffs at the HQ-level. Shares were down 1.3% at $14.58 right before the close.
Sears Holdings Corporation (NASDAQ: SHLD) beat earnings this morning, but revenues were light. It seems as though the stores are actually holding up better than in the past when you look at the relative losses compared to elsewhere at peers. Shares were up over 1% at $36.20 right before the close.
General Motors Corporation (NYSE: GM) posted a loss at -$9.65 EPS for the quarter. It was so bad that the company lost almost $17 billion for all of 2008. Shares were down almost 6% at $2.40 right before the close.
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Black Friday expected to be strong, no promises for Christmas
