What’s Happening In The Market Now..
- The market was down at the open this morning with investors waiting for Treasury Secretary Geithner’s speech outlining how the Obama administration intends to spend the remaining $350 billion of the $700 billion financial bailout package passed by Congress last fall.
- Also weighing on investors minds are the Senate’s vote possibly today on the $838 billion stimulus package and a speech this afternoon by Federal Reserve Chairman Ben Bernanke.
- Eventually when investors saw a lack of specifics from Treasury Secretary Timothy Geithner on how the government will direct more than $1 trillion in public and private support to the financial system, the major stock indexes fell more than 4 percent, including the Dow Jones industrial average, which tumbled 382 points.
- General Motors (GM) said to seek 10,000 salaried job cuts globally.
- Roche begins hostile takeover bid for Genentech (DNA).
- Sectors starting the day out strong include healthcare facilities, construction materials, construction & engineering and aluminum while brewers, food retail, life & health insurance and residential REITs are down.
- Volume leaders include Bank of America Corp (BAC), Wells Fargo & Co (WFC), Microsoft Corp (MSFT), Time Warner Inc (TWX) and Fifth Third Bancorp (FITB).
Stocks Most Watched Today
AT&T, Inc. (T), Genentech Inc. (DNA), First Solar, Inc. (FSLR), Hess Corporation (HES), Rohm and Haas Co (ROH), Intercontinental Exchange Inc (ICE), Expeditors International of Washington Inc (EXPD), Goldcorp Inc (GG), Yingli Green Energy Holding Company Limited (YGE), Patriot Coal Corporation (PCX), Cubist Pharmaceuticals Inc (CBST), Boeing Co (BA), Molson Coors Brewing Company (TAP) and Corrections Corporation of America (CXW)
Today’s News Leaders…
Qwest Communications International Inc (Q), Intel Corporation (INTC), UBS AG (UBS), General Motors Corp (GM) and Monsanto Co (MON).
Sears Holdings Corp (SHLD), Fortune Brands Inc (FO), Wal-Mart Stores Inc (WMT), Safeway Inc (SWY) and Netflix Inc (NFLX).
ETFs and HOLDRs Watched Today…
SPDR Gold Trust (GLD), Vanguard REIT ETF (VNQ), ProShares UltraShort Financials (SKF), S&P MidCap SPDRS (MDY) and iShares DJ US Basic Materials Sector Index Fund (IYM)
Tip of the Day…
After you retire will you sell your house, continue to work or live off investment income? Be sure to identify all potential income sources and asset allocations so your investments will support you throughout your retirement. Keep in mind retirement can last over 20 years.