Yesterday there was hope. Obama had just endorsed stocks for the long-term, China predicted 8% growth, and the markets staged a rather large trading rally. But it turned out to be just that: a trading rally, and a small one to boot. The lower-than-expected jobless claims and not as bad retail numbers failed to cause any follow-through buying as China's great new package was really not much more than we already knew. Yep, this was just the recipe for a great flush-out for equity investors.Dow 6,594.44 -281.40 (-4.09%)
S&P 500 682.56 -30.31 (-4.25%)
Nasdaq 1,299.59 -54.15 (-4.00%)
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General Electric Company (NYSE: GE) was actually up 1% at $6.76 today shortly before the close after CFO Keith Sherin came out in defense of the company and refuted rumors about its capitalization.
Wal-Mart Stores, Inc. (NYSE: WMT) was also a winner with shares up over 2% at $49.57 shortly before the close. The largest retailer in the world managed to post better-than-expected same store sales that were in positive territory, and it also raised its dividend and said it would buy back stocks.
Citigroup, Inc. (NYSE: C) showed the biggest disappointment today. This DJIA component broke the $1.00 barrier. That is a first. And are we really supposed to believe it isn't government owned?
Wells Fargo & Co. (NYSE: WFC) was unable to stave off the waves and waves of selling as the financial sector died all over again. Even a 100,000 share purchase by the Chairman did not matter. Shares were down 17% at $7.90 right before the close at a new multi-year low.
General Motors Corporation (NYSE: GM) might as well be next on the $1.00 club. Its shares were down 16% before the close at $1.85 after that dreaded "going concern" issue came up in its annual report. It doesn't matter that the company tried to defend itself.
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