What Happened In The Market Today…2 Feb 09

What’s Happening In The Market Now…

  • The market opened lower this morning in more dire economic data.
  • The Commerce Department said consumer spending decreased by 1.0 percent after falling by a revised 0.8 percent in November.
  • Incomes fell by 0.2 percent after November’s 0.4 percent decline while analysts had forecast spending falling by 0.9 percent and incomes slipping 0.4 percent. Personal savings went up in December to 3.6 percent of disposable income from 2.8 percent in November, marking the largest rate since May 2008.
  • Oil prices fell below $41 a barrel despite some 24,000 refinery workers nearing a possible strike.
  • Sectors starting the day out strong include full line insurance, health care providers and mortgage finance while paper, toys and platinum & precious metals are down.
  • Volume leaders include Bank of America Corporation (BAC), General Electric Co (GE), Citigroup Inc (C), Dryships Inc (DRYS) and Microsoft Corp (MSFT).

Stocks Most Watched Today
Procter & Gamble Co. (PG), Hartford Financial Services Group Inc. (HIG), Hasbro Inc. (HAS), Sunoco Inc. (SUN), BE Aerospace Inc. (BEAV), Pfizer Inc (PFE), Mariner Energy Inc (ME), Sysco Corp (SYY), BJs Wholesale Club Inc (BJ), TakeTwo Interactive Software Inc (TTWO), Supervalu Inc (SVU), Caterpillar Inc (CAT), Rockwell Automation Inc (ROK), Mattel Inc (MAT) and Avon Products Inc (AVP).

Today’s News Leaders…
Bank of America Corporation (BAC), Mattel Inc (MAT), Corn Products International Inc (CPO), Wal-Mart Stores Inc (WMT) and Humana Inc (HUM) top the lists of companies with news today.

Analysts Favorites…
Oracle Corp (ORCL), DirectTV Group Inc (DTV), Intuit Inc (INTU), Sanofi Aventis (SNY) and Sears Holdings Corporation (SHLD).

ETFs and HOLDRs Covered Today…
Industrial Select Sector (XLI), S&P SPDRS MidCap Dep Rec (MDY), ProShares Ultra Dow30 (DDM), IShares Trust FTSE Xinhua China Index Fund (FXI) and SPDR Gold Trust (GLD).

Tip of the Day…
The art of investing. Study the great investors and market gurus. Find at least one thing from each that you can replicate on a smaller level in your own portfolio. As you grow in your knowledge and experience incorporate more of what works and drop those that do not.

Source: MarketIntelligenceCenter.com