Crash Lines...
specimenfred1984 (1000+ posts)     | Fri Nov-21-08 08:58 PM Response to Original message |
| 131. The "uncertainty" wasn't who the next Treasury Sec. is going to be |
 | it's fear of the culture of corruption that's looting America. As another DUer posted a few minutes ago "It takes a special kind of stupid to blame the Obama admin before they are even in power". Same goes for a fraud stock market rally based on an Obama appointment. |
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mrdmk (1000+ posts)  | Fri Nov-21-08 09:15 PM Response to Original message |
| 133. Mr. Bush and Co must have been praying (paying) to the Wall Street Gods |
 | It is over 8000 points for the weekend. Amazing.  |
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Ghost Dog  (1000+ posts) | Fri Nov-21-08 09:30 PM Response to Reply #133 |
| 135. Back to work behind the scenes for the weekend. |
 |  Have a good one.  |
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| CatholicEdHead (1000+ posts) | Fri Nov-21-08 10:05 PM Response to Original message |
| 138. Finished up 494 points, most of it in the last hour |
 |  |
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| Dr.Phool (1000+ posts) | Fri Nov-21-08 10:38 PM Response to Original message |
| 143. Well, we'll be turning the mic over to Demeter shortly. |
 | Cocktails tonight, and coffee and donuts in the morning. |
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| Ghost Dog (1000+ posts) | Fri Nov-21-08 11:33 PM Response to Original message |
| 147. Ok. I'll do it. Closing US Market Numbers and Record, I think, Volume (Ah, 'leadership'): |
| Edited on Fri Nov-21-08 11:36 PM by Ghost Dog  Dow 8,046.42 Up 494.13 (6.54%) Nasdaq 1,384.35 Up 68.23 (5.18%) S&P 500 800.03 Up 47.59 (6.32%) 10-Yr Bond 3.1670% Up 0.0230 NYSE Volume 10,660,272,000 Nasdaq Volume 3,172,482,000 4:30 pm : Thanks to a late-session surge, the stock market closed at its session high with a gain of 6.3%. Though the rally was impressive, stocks still finished the week 8.4% lower due to heavy losses earlier in the week. Those heavy losses prompted bargain hunters to bid stocks higher. Whether the push was merely rooted in short-term interest or marked a true turning point for the stock market will only be seen in time. The move was supported by relatively heavy volume. Nearly 2.4 billion shares traded hands on the New York Stock Exchange this session, compared with average volume of 1.5 billion shares this month. Despite the strong finish, stocks traded in mixed fashion throughout much of the session, and struggled to find direction. During that time the financial sector stood out as a notable laggard. At one point the financial sector was down 7.5%, which marked the sector's lowest level since 1995. However, it finished 3.4% higher. Weakness in the financial sector stemmed from the large-cap names included among other diversified financial services companies (-3.8%), such as Citigroup (C 3.75, -0.96). Speculation continues to surround Citi's fate. Reports indicate the financial services giant is weighing its strategic options, but the stock extended its downturn and fell through the prior session's low to its worst level since 1992. While financials lagged, energy posted the largest advance. Energy finished the session 11.7% higher. A 2% rebound in crude oil futures helped give energy a lift. Crude settled around $50.40 per barrel, though it actually fell to a new multiyear low of $48.25 per barrel midway through the session. It appeared that Dell (DELL 9.30, -0.51) was going to provide stocks with some support after it posted better-than-expected earnings per share results for the third quarter. However, shares fell under pressure as investors and analysts critiqued the quarterly report. The tech sector still finished with a 5.8% gain, though, thanks largely to strength among large-cap tech stocks. The renewed interest in stocks caused Treasuries to fall substantially, especially at the long end of the curve. The 10-year Note fell 49 ticks, while the 30-year Bond dropped 117 ticks. The downturn reverses some of the gains Treasuries made in the prior session. Investors got a little bit of clarity regarding the future face of the Treasury team; President-Elect Obama has nominated New York Fed President Geitner for Treasury Secretary. Obama is expected to announce the rest of his economic team Monday.DJ30 +494.13 NASDAQ +68.23 NQ100 +4.7% R2K +5.5% SP400 +5.9% SP500 +47.59 NASDAQ Adv/Vol/Dec 1781/3.12 bln/1170 NYSE Adv/Vol/Dec 2019/2.37 bln/975 3:30 pm : Stocks recently charged higher to their best levels of the session. The advance took the stock market to a gain of 3.1%. There was some renewed selling pressure, but after a brief pause stocks are trying to extend their gains. The financial sector continues to underperform, though it is off its low of the session. It traded with a loss of 7.5% for a time, but is now down 1.8%. DJ30 +216.64 NASDAQ +26.56 SP500 +20.43 NASDAQ Adv/Vol/Dec 1253/2.28 bln/1662 NYSE Adv/Vol/Dec 1463/1.55 bln/1509 3:00 pm : Stocks continue to trade listlessly in choppy action. Each of the major indices looks for direction as market participants enter the final hour of the session. Only once this week have stocks managed to close higher. Stocks were up 2.8% at their session high. They were down 1.5% at their session low. The wide swings have been common during recent sessions. In the last three weeks stocks have swung in excess of 5% in six separate sessions. Stocks swung more than 1% in 12 different sessions during the last three weeks. Just hitting the wires, Tim Geitner will be the new Treasury Secretary under the Obama administration.DJ30 +12.10 NASDAQ -6.75 SP500 +0.58 NASDAQ Adv/Vol/Dec 876/2.12 bln/1872 NYSE Adv/Vol/Dec 1103/1.47 bln/2059 2:30 pm : Action remains choppy in afternoon trade. After making a sudden, sharp downturn, stocks struggle to move back to higher ground. Trading remains without leadership. The flagging financial sector is down 5%. Earlier this session it fell to a new record low. The financial sector was down 70% year-to-date at that low. /... http://finance.yahoo.com/marketupdate/overview |
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| Ghost Dog (1000+ posts) | Sat Nov-22-08 12:45 AM Response to Reply #147 |
| 154. Reuters Account: |
| RPT-TOPWRAP 11-Geithner rallies stocks but Citi still ailing Fri Nov 21, 2008 6:02pm EST Trading will never be the same. * Stocks surge after NY Fed chief is tipped for Treasury * Pelosi vows action on auto rescue, stimulus package * Citigroup stock loses another 20 percent as board meets * Euro zone business surveys hit record low * Japan keeps rates on hold, says outlook uncertain (For more stories on the financial crisis click By Daniel Trotta NEW YORK, Nov 21 (Reuters) - President-elect Barack Obama wants New York Federal Reserve President Timothy Geithner as his Treasury secretary, news that sparked a stock market surge on Friday and fostered confidence that Obama may be taking up the U.S. economic reins before his inauguration in January. A senior Democrat told Reuters in Washington that Obama favors Geithner for the Treasury job, but had yet to make an offer. NBC News and The Wall Street Journal reported Geithner will be named when Obama unveils his economic team early next week, Geithner has overseen much of the financial industry based in New York and was active in emergency measures taken by Fed Chairman Ben Bernanke and outgoing Treasury Secretary Henry Paulson. He was seen as a favorite of the markets. "It is a brilliant pick, for no other reason than that it creates continuity in the middle of one of the greatest crises to ever face this country," said William O'Donnell, head of U.S. interest rate strategy at UBS Securities in Stamford, Connecticut. When the news broke an hour before the close of New York stock trading, it turned a flat Dow Jones industrial average .DJI into a 6.5 percent gain the day after the broader market slumped to an 11-year low amid signs of deep recession. <.N> It appeared to be a rare bit of optimism in the greatest world financial crisis since the 1930s Great Depression. In Europe, new data showed euro zone demand plunged, and world central bankers considered the prospect of deflation as the Bank of Japan left its benchmark interest rate at just 0.3 percent, saying the road to recovery would be long. Amid a power vacuum in Washington, with Obama not taking over from George W. Bush until Jan. 20, House of Representatives Speaker Nancy Pelosi pledged support for a U.S. stimulus package and aid for sputtering U.S. carmakers. Obama's cabinet choices were shaping up further, with The New York Times reporting that Sen. Hillary Clinton had accepted the position of secretary of State. The Geithner news even helped Citigroup, whose stock recovered from a 35 percent fall to end down 20 percent, temporarily at least stopping a plummet over concerns the bank would sell major businesses to restore its health and investor confidence. Chief Executive Vikram Pandit told employees he would not break up the company, whose board was meeting on Friday. Many analysts said swift government action was needed to save Citi, possibly this weekend, much the way Paulson and Bernanke have intervened in recent months with Geithner at their side. "There are two choices: one is you sell the company into what is perceived to be stronger hands, or you go to the government and get a massive bailout," said Paul Harris, a portfolio manager at Avenue Investment Management in Toronto. "I think the Treasury is going to exert itself some time over the next few days. This just cannot go on," added Nancy Bush, an analyst at NAB Research in New Jersey. PELOSI STEPS UP Pelosi also vowed congressional help for the auto industry, saying "doing nothing is not an option" and that she was prepared to call the House back into session in December. Pelosi also told reporters that passage of a broad economic stimulus bill, including tax cuts, will be a top priority of the next Congress when it convenes in January. The European Commission was working on its own stimulus plan that would include a significant budgetary expansion for European Union members, Commission President Jose Manuel Barroso said. The Markit Eurozone Purchasing Managers composite index, which covers the manufacturing and services sectors, tumbled to a record low of 39.7 in November. That added to expectations the European Central Bank will cut rates by at least a half percentage point when it meets in December. Investment bank Goldman Sachs forecast more pain, estimating real U.S. gross domestic product would fall 5 percent on an annual basis in the current quarter, with unemployment reaching 9.0 percent in the fourth quarter of 2009. A 5 percent contraction would be the largest since the first quarter of 1982, when the economy shrank 6.4 percent on an annualized basis. Bank of Japan Governor Masaaki Shirakawa said he was on watch for the risk of deflation as Japan lapses into recession, although he did not forecast its return. "The global economy is expected to experience a severe adjustment for some time," he told reporters. © Thomson Reuters 2008 All rights reserved http://www.reuters.com/article/marketsNews/idINN2150151... |
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