JAL Thoughted

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.”