Thursday’s Market Recap (03/19/09)
Source: http://feedproxy.google.com/~r/bullishbankers/~3/CyPXutLrhVU/Posted on Thursday, March 19th, 2009 | In Financial, Market Commentary
Today the markets fell for the first time in three days. The Dow Jones and the S&P fell 1.15% and 1.30% respectively, while the NASDAQ closed down 0.52% at 1,483.48. The 10-year was down today closing at a yield of 2.597%. Oil was up 7.21% to $51.61 and gold was up 7.5% the largest gain since September. Oil and gold both surged today due to the weakening dollar.
While, the market was down today winners could be found in energy stocks due to the rise in the price of oil. Chevron [CVX: 67.13, +0.54 (+0.81%)] was up 1.4% and Occidental Petroleum [OXY: 58.98, +2.14 (+3.76%)] was up 4.2% to close the day at $59.25. These companies have been hurt lately due to the falling oil prices and are hoping that these prices continue to rise. For those investors who have held on and even dollar cost averaged into them, good job, you have made the right move by not selling out due to short term volatility.
Unlike their energy counterparts, Financials were hurt today due to the weakening dollar. Prudential Financial [PRU: 18.76, -6.16 (-24.72%)] and Citigroup [C: 2.60, -0.48 (-15.58%)] were down 24.72% and 15.58%. This ended a three day rally in financial stocks. General Electric [GE: 10.13, -0.19 (-1.84%)] is forecasting that its financial unit, GE Capital, will have a profitable first quarter and year. Hopefully new government action will help financial companies return to profitability as toxic assets are bought back and capital cushions absorb declining losses.
Be sure to check back tomorrow to for another market recap!
- Matt Shannon
Disclosure: The fund the author is associated with is long OXY.
Last 5 posts by Bullish Bankers
- Boone Boosts Energtek - July 20th, 2009
- The Long and the Short of it All - July 15th, 2009
- The Banking System Is Sitting On It’s Hands - July 13th, 2009
- China Mobile: The Foreign Giant - July 12th, 2009
- McDonald’s New Angus Burger – A Green Shoot? - July 10th, 2009
bullish bankers, Citigroup, Dow 30, energy counterparts;, Energy Stocks, Financial, GE Capital, General Electric, Market Commentary, Matt Shannon;, Nasdaq 100, Occidental Petroleum, Oil, Oil Prices, Prudential Financial, S&P, USD
 About Bullish Bankers (http://www.bullishbankers.com)
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. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.