News That Moved Friday's Market

U.S. Markets

Dow -120.90 (-0.94%)
Nasdaq -5.72 (-0.23%)
S&P 500 -9.40 (-0.67%)

News That Moved the Market

Sellers Grab Control. Markets stumbled Friday, finishing the week lower. Buyers gave back hard fought gains quickly throughout the day, and never really traded out of the red. Late Thursday, AIG (AIG, -8.7%) announced an $8 billion loss for the quarter. The company is planning to raise more than $12 billion through common stock and equity linked securities offerings. Oil closed up $2.27 at $125.96/barrel. Technicians have said $126 should offer from resistance, but it is tough to bet against crude's momentum. Oil set all-time closing highs everyday this week.

Quick Tics: FedEx (FDX, -3.0% day, -3.3% A.H.) fell late Friday after lowering its profit outlook, citing rising fuel costs...The U.S.'s trade deficit came in at $58.2 billion, lower than economist expected…Citigroup (C, -2.8%) plans to shed $400 billion in assets over the next two or three years.

Tomorrow

Notable Earnings (Full List Here):
MBIA (MBIA) Time Not Supplied

Economic Events:
2:00 PM: Treasury Budget

Comments

[Jersey:]

Interesting Roy, but I have to tell you, given AIG, the uncertainty of the financial sector, the state of the Dollar, the very real potential of doubling or more of capital gains, and talk of establishing a Reasonable Profits Board, just to name a few concerns off the top of my head; I really wish I saw a more compelling argument to even stay invested in the market at all possibly starting with the inauguration of the new President. The risk reward scenario of the past seems so much convincing, I'm just not as comfortable with investing even with more conservative selections and I'm unsure of how to proceed at this point. The world is truly a rapidly changing place; I wonder if there are many others that feel similar.

2008 May 10 08:28 AM

[Pauly B:]

If Fed X and UPS start tanking this is a pretty good window on the economy. The consumer is pulling back and there is a Fibonacci time series showing that we are in for a turn in the market which certainly points down. The Fib's are not always right but more often than not they are not wrong either. I dont see how the bulls are going to hold on with commodities and energy. Next week should be real interesting in the bond markets as to where the money flows.

2008 May 10 10:50 AM

[unimpressed...:]

The problems driving the market and the economy into the doldrums is government. The clueless, incompetent, and stupid excuses for Congresspersons, both Houses and both Parties, are appalling. Until the electorate awakens to the mess these idiots have made of once great national economy and leadership, and kicks them out, the direction will continue downward. I recommend putting, at least, 40% of investment capital into cash, preferably, Euros.

As to waiting for a new administration in November, there is little “hope for change” for the better. If a Democrat wins the Presidency, expect massive taxes and a concerted effort to move the country toward socialism. If the Repubs dominate, little will change in the current situation. Now, is the time to come to the aid of the country with a viable, knowledgeable, dedicated towards We the People government and representation. Is there a Third Party that can provide this as the current two are hapless and ignorant?

Note to the electorate: Yes, your Congressperson is incompetent, stupid, corrupt, self-interested, and hapless. Just like all the others.

2008 May 10 02:19 PM

[User 30121:]

To the above three commentors: Amen! I will only add that the market is taboo, metals are the place to be, and this once great nation is in for some rough, rough times. God help us!

2008 May 10 02:41 PM

[Jersey:]

Damn, I was really hoping someone would tell me it isn't so bad too, damn!

2008 May 10 07:18 PM

[Jonathan Ch...:]

For the armchair strategists, the word of the day is "Demographics". Not Democrats or Republicans, The buying power of the largest group occupying a single decade - between 70 and 100 million Americans in the 45-55 year group is peaking as we speak. The next three years will be good - but after us comes the long night.

2008 May 11 11:43 PM