Friday’s Market Recap (06/19/09)
Source: http://feedproxy.google.com/~r/bullishbankers/~3/5ZY9kwubqdA/Posted on Friday, June 19th, 2009 | In Financial, Market Commentary
The markets started off strong today but lost their gains during what many investors refer to as the quadruple witching, or the expiration of stock index futures, stock index options, stock options, and single stock futures all on the same day. The Dow Jones Industrial Average was down 15.87 to 8.539.73 dropping 0.19%. The Nasdaq was up 19.75 to a level of 1,827.47 gaining 1.09%. The Standard and Poor’s 500 Index also finished in the green today rising 2.86 or 0.31% to a close of 921.23. No large economic data was released today, so investors had time to soak in the plethora of news from the beginning of the week.
Apple [AAPL: 139.48, +3.60 (+2.65%)] released their new iPhone today at stores around the nation, but the fever this time around was not nearly as big as the original iPhone release because the company allowed pre-orders to take place over the internet. This 3G S iPhone is much faster than the original version, and is more suitable for viewing video content on the go.
In related news the FCC is looking into the legality of cell phones being tied to only one carrier, in the way that the iPhone has a mutually exclusive contract with AT&T [T: 24.04, -0.09 (-0.37%)]. Arguments are being made that this is not the best business practices from the consumers point of view, and many industry analysts are predicting that new laws may arise to make these types of practices illegal in the mobile phone market.
R. Allen Stanford, the Texas Billionarie, was arrested today by the Federal Bureau of Investigation (F.B.I.) for what the Securities and Exchange Commission (S.E.C.) believes is at least an $8B dollar fraud. This fraud was based around Certificates of Deposit, or CD’s, that offered rates much higher than competitors which were unrealistic. During the heart of the financial crisis Stanford Financial Group could no longer cover up their tracks and their fraud was exposed. This, along with the Bernie Madoff, incident, has left an extremely sour taste in the mouth’s of many individual investors who were not familiar with the financial markets. Only time will tell if so called “Main Street” will ever forgive “Wall Street” for their transgressions.
That’s all for this week, please join us again on Monday as we bring you another Bullish Bankers market recap.
- Charles Petredis
Disclosure: The mutual fund the author manages is long T.
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Bullish Bankers is a financial market and economic community focused on delivering original opinion, analysis and headlines to readers on a daily basis. In an effort to form a lasting online presence, a collaboration of two separate blogs resulted in what you see here today. Moving forward, we aim to provide fresh insight into the financial markets with the launch of Bullish Bankers dot com. On June 10th 2008, founders Jim Regan and Santosh Sankar began discussing plans to create a new stock market and economic resource website to serve the public. After recruiting seven fellow finance students from The Smeal College of Business and The Pennsylvania State University, Bullish Bankers began to take shape with a solid foundation of financial knowledge and excitement. With a background in online entrepreneurship and design, Jim Regan designed the website and publishing platform from the ground up in order to effectively publish articles and updates to the blog. With an official launch in late July 2008, Santosh Sankar and Jim Regan act as the leading editors and oversee coverage across all 10 sectors that comprise the S&P 500. Together, they aim to provide consistent, quality information in order to help readers understand the state of the financial markets through educated and refreshing opinion. In addition, Jim and Santosh oversee the executive board of editors at Bullish Bankers dot com, which includes fellow students Charles Petredis, Ryan Savitz and Steve Murray. |
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