Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (142844)	1/20/2009 6:25:32 PM
From: robnhood	Respond to of 314309

<<Everyone just wondering how to get through the next 24 hours. I'm not so sure of that. One poster on another thread pointed out that one month's worth of page views on lots of economic sights barely add up to the number of page views that americanidol.com has in one hour. economic sights gongol.com

To: koan who wrote (142844)	1/20/2009 6:34:26 PM
From: Rocket Red	Read Replies (1) \| Respond to of 314309

Fear has gripped the world

To: koan who wrote (142844)	1/20/2009 6:45:04 PM
From: Rocket Red	Read Replies (1) \| Respond to of 314309

The close: Hope over fear? Sell! RTGAM Hello, President Barack Obama. Goodbye, Dow 8,000. On Tuesday, the day that Mr. Obama was sworn in as the 44th U.S. President, investors accepted his message of hope but interpreted the hard-work part to mean "things are going to get worse before they get better." The Dow Jones industrial average closed at 7949.09, down 332.13 points, or 4 per cent. The broader S&P 500 closed at 805.22, down 44.9 points, or 5.3 per cent. For what it's worth, this was by far the worst of the past 10 inauguration days for the stock market. Of course, there was nothing off-putting about Mr. Obama's speech. Instead, investors appeared to be more alarmed by the latest developments in the financial sector, where stocks touched their lowest levels since 1995. State Street Corp. reported that its fourth-quarter earnings fell 71 per cent, year-over-year. More alarming, the bank's unrealized losses in its bond holdings surged to $6.3-billion (U.S.) by the end of the quarter. Standard & Poor's lowered its credit rating on State Street, with a "negative" outlook. Analysts believe the financial firm will have to raise capital. The shares fell 59 per cent. As well, an analyst at Friedman Billings Ramsey Group said that Bank of America Corp. - once viewed by investors as among the safest of U.S. financial stocks - will need to raise $80-billion of additional capital. Its shares fell to a new multi-year low of $5.10 each, down 29 per cent. In other moves, Citigroup Inc. fell 20 per cent and Wells Fargo & Co. fell 23.8 per cent. In Canada, the S&P/TSX composite index closed at 8504.93, down 336.55 points, or 3.8 per cent. There, financials were also among the biggest drags as investors looked at what was happening elsewhere and then connected the dots. Manulife Financial Corp. fell 9.5 per cent, Royal Bank of Canada fell 5.4 per cent and Toronto-Dominion Bank fell 6.6 per cent. Energy stocks were also a problem after Suncor Energy Inc. reported a loss of $215-million (Canadian) in its most recent quarter and announced drastic cuts to its 2009 capital spending plan. The shares fell 15.8 per cent. Gold producers were up, though, after the price of gold rose past $855 (U.S.) an ounce, up $15. Barrick Gold Corp. rose 6.1 per cent, Goldcorp Inc. rose 3.9 per cent and Kinross Gold Corp. rose 5.1 per cent. Copyright 2001 The Globe and Mail ---------------------------------------------------- To edit your alerts, go to: tdw.globeinvestor.com ---------------------------------------------------- If you no longer wish to receive this alert, go to: tdwdb.globeinvestor.com ---------------------------------------------------- Stock Alert data is provided for informational purposes only, and is not intended for trading purposes. CTVglobemedia Interactive Inc. and its related entities and all their employees assume no liability for inaccurate or incomplete information on this site, or for any missing information. The information is provided by multiple data suppliers without verification by CTVglobemedia Interactive. Past performance is not necessarily indicative of future performance. Prior to making any investment decision, consult directly with the individual or firm, and with a qualified investment advisor. ---------------------------------------------------- © 2009 CTVglobemedia Publishing Inc. All Rights Reserved.