Financial Journal for November 14 2008
|
Stock Quotes |
11/07/08 Close: |
Point Change, % Change |
11/14/08 Close: |
|
Dow Jones |
8943.81 |
-446.50 pts, -4.99% |
8497.31 |
|
NASDAQ |
1647.40 |
-130.55 pts, -7.92% |
1516.85 |
|
S&P |
930.99 |
-57.70 pts, -6.20% |
873.29 |
Market Movers:
· Carmakers in Crisis
· Bailout Terms Change
· Retail Falls
Important Market Development Summaries:
- AIG gets $150 billion government bailout; posts huge loss. Reuters.com. Nov 10, 2008. “The government restructured its bailout of American International Group Inc, raising the package to a record $150 billion with easier terms, after a smaller rescue plan failed to stabilize the ailing insurance giant.”
- Fed OKs American Express as bank holding company. Reuters.com. Nov 10, 2008. “American Express Co said it won approval to become a bank holding company, in a step that could cut its borrowing costs and give it more access to government money.”
- Wall St falls amid fresh concerns over toxic assets. FT.com. Nov 12, 2008. “Wall Street stocks neared fresh five-year lows on Wednesday after the US Treasury’s backtrack over toxic mortgage assets renewed investor concerns over authorities’ ability to deal effectively with the financial crisis.”
- Circuit City files for bankruptcy. Reuters.com. Nov 11, 2008.
- Wall Street sells off as consumers snap wallets shut. Reuters.com. “Retail sales dropped 2.8 percent in October as consumers cut back amid recession fears”
- GM’s Shares Tumble on Rising Cash Concerns. WSJ.com. Nov 11, 2008. “General Motors Corp. stock fell to its lowest level since 1946 as concern intensified that the auto maker could run out of cash and be forced to file for bankruptcy protection.”
- Bush resists $25bn aid for US carmakers. FT.com. Nov 11, 2008. “Hopes of quickly securing $25bn in emergency government support for troubled US carmakers have been caught in a stand-off between the outgoing Bush administration and, on the other side, congressional Democrats and Barack Obama, the president-elect.”
Financial Journal for November 07 2008
|
Stock Quotes |
10/31/08 Close: |
Point Change, % Change |
11/07/08 Close: |
|
Dow Jones |
9325.01 |
-381.2 pts, -4.08% |
8943.81 |
|
NASDAQ |
1720.95 |
-73.55 pts, -4.27% |
1647.40 |
|
S&P |
968.75 |
-37.76 pts, -3.89% |
930.99 |
Market Movers:
- Auto Sales Plunge
- Election Day Gains & Losses
- Fraud Investigations Continue
Important Market Development Summaries:
· Auto sales plunge to near 25-year lows. Reuters.com. Nov 3, 2008. “U.S. auto sales
plunged near 25-year lows in October, led by a 45 percent drop at General Motors Corp. Sales for Toyota Motor Co was off 29 percent, Honda Motor Co fell 25 percent and Nissan Motor Co tumbled 33 percent.”
- Judge: AIG fraud worth $500 million. CNNMoney.com. Nov 3, 2008. “Five former insurance executives convicted of manipulating financial statements could face up to life in prison.”
- Government to borrow record $550B. CNNMoney.com. Nov 4, 2008. “The government will borrow a record $550 billion in the current quarter as it scrambles to fund the huge rescue programs being put in place to deal with the worst financial crisis in seven decades.”
- Markets Fall Sharply, Erasing Election Day Gains. NYTimes.com. “Stocks erased all their gains from Tuesday’s rally — the biggest on a presidential Election Day in 24 years”
- Stocks finish up after two days of heavy selling. MSNBC.com. Nov 7, 2008. “Employers cut 240,000 jobs in October as jobless rare hit 6.5 percent. Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy’s growing problems but attracted by stocks’ lower prices.”