The market spent the day as it has many a Friday in the summer: slowing going no where.
The University of Michigan/Reuters consumer sentiment index showed a very modest increase in June up to 69, from 68.7 in May. The same survey showed that expectations for six months from now actually dropped.
Oil and gas prices still dominated the headlines. Oil still hovers around $72 and the average price of gas rose for the 45th consecutive day to $2.63. The has to rattle consumers who have precious little discretionary income as it is.
The numbers for the day did not say much:
Dow 8,799.26 +28.34 (0.32%)
S&P 500 946.21 +1.32 (0.14%)
Nasdaq 1,858.80 -3.57 (-0.19%)
Only a few stocks stood out. Shares in E Trade Finance Corporation (NASDAQ: ETFC) rallied over 15% to $1.95 on volume of nearly 70 million share. The only problem was that the company had not put out anything new. The stock could sell back down on Monday absent any reason for the rally.
Bank of America Corporation (NYSE: BAC) was up over 6% to $13.77, perhaps because its CEO Ken Lewis made it through a brutal examination by Congress without saying anything that would hurt the financial firm. He, on the other hand, came off like a fool.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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Reader Comments (Page 1 of 1)
6-12-2009 @ 5:58PM
keylargosnorkler said...
STOP driving to any nonessential places. Stop purchasing any nonessential items. Sell all of your stocks and bonds. Withdraw your savings and hide all of your money, at home, in a heavy fireproof safe. Our counrty and most of the world will be living in a historic depression of biblical proportions by the end of the year. The perpetraitors(Villans) = Speculators, Big Oil, OPEC, The greedy banking industry. Along with market manipulation by Middle Eastern and Chinese governments. Last but not least, blame the deteriorating effects rolling downhill from George W Bush's self serving, failed presidency.
6-13-2009 @ 10:36PM
william lindblad said...
I don't think that it will get quite that bad.
Gas is up & confidence is flat.
What else is new?