News That Moved Friday's Market

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News That Moved the Market

Tough Week Ends With Another Down Day. Markets were weak Friday, as traders shunned positions going into the long weekend, and weak housing data grabbed the attention of investors. After gaining 13% since the Bear Stearns bailout day in March, the S&P was due for some profit taking and volatility. This week provided that and more, as oil surged, hitting $135/barrel. Friday began with more bad news, as the National Association of Realtors announced sales of existing homes decreased 1.0% and supply hit record highs. The sales decrease was actually less than expected, but the data still provided no insight on when the 27-month housing slump will give way. Oil prices recovered Friday as well, ending $1.31 higher at $132.12, after falling more than $2 Thursday. Overall, the market was unable to shake the negative sentiment from Wednesday's release of the FOMC minutes, and probably will not until a positive catalyst hits the tape.

Quick Tics: FT Alphaville reported Belgium brewer InBev is interested in acquiring Anheuser-Busch (BUD, +7.6%) for $46 billion….Apple (AAPL, +2.3%) was added to Goldman's Conviction Buy List.

Tomorrow

Notable Earnings (Full List Here):
MARKETS CLOSED MONDAY

Economic Events:
MARKETS CLOSED MONDAY

Comments

[DanielKowkabany]

Apple sold for for 119.46 on 2/18/08 and Goldman's Conviction added to his buy list at 181.17. I suspect like most advisors he'll take credit for recommending at the lower price of 119.46.

[DSinchrg]

I have to agree with Daniel, this is how most analyst work. Once the stock has risen 10 points and stayed there. Then they give their recommendation to buy. I bought appl at 110.00 and have made a killing.....