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.
Notable Earnings (Full List Here):
MBIA (MBIA) Time Not Supplied
2:00 PM: Treasury Budget