What Happened In The Market Today…
- The market opened on a positive note after yesterday’s historic drop.
- The British pound was battered again amid fear about that nation’s ailing banks and the government’s costly efforts to assist them.
- Most overseas stock markets fell as financials declined overseas, echoing the drop seen in the U.S. Tuesday.
- Investors watched Timothy Geithner’s Senate confirmation hearing for Treasury Secretary looking for clues to his ideas for a recovery.
- General Motors (GM) sold fewer cars globally than Toyota (TM) last year, as the Japanese automaker passed the Detroit company for the first time.
- Sectors starting the day out strong include asset management, financial services and banks while aluminum, apparel, construction & engineering and industrial conglomerates are down. Volume leaders include Bank of America Corporation (BAC), Citigroup Inc (C), Wells Fargo and Company (WFC), General Electric Capital Corp (GE) and JPMorgan Chase & Co (JPM).
Stocks Most Watched Today
Google Inc. (GOOG), Walt Disney Co. (DIS), AMR Corporation (AMR), SPX Corporation (SPW) and Hanesbrands Inc. (HBI), International Business Machines Corp (IBM), Abbott Laboratories (ABT), Packaging Corp (PKG), LM Ericsson Telephone Company (ERIC), TD Ameritrade Holding Corporation (AMTD), Riverbed Technology Inc (RVBD), Coach Inc (COH), UAL Corporation (UAUA), Regal Entertainment Group (RGC) and Allegheny Technologies Inc (ATI).
Today’s News Leaders…
International Business Machines Corp (IBM), LM Ericsson Telephone Company (ERIC), AMR Corp (AMR), Coach Inc (COH) and Walt Disney Co (DIS) top the lists of companies with news today.
Apple Inc (AAPL), Bed Bath and Beyond Inc (BBBY), Cardinal Health Inc (CAH), Caterpillar Inc (CAT) and Kohls Corporation (KSS).
ETFs and HOLDRs Covered Today…
Utilities Select Sector (XLU), iShares Nasdaq Biotechnology Index Fund (IBB), ProShares Short Dow30 (DOG), iShares Russell 2000 Value Index Fund (IWN) and SPDR Gold Trust (GLD).
Tip of the Day…
Set a course and stick to it. There are a number of online financial calculators out there. Try a few until you find one that works for you and use it to determine the correct mix of cash, bonds and stocks for your specific goals. Use this information to help you make the right moves to keep that mix in balance.