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TOPWRAP 3-European data grim, Toyota to halt output in Japan - Reuters
Obama Said to Favor $775 Billion for Stimulus Plan - Bloomberg
Italy Not Concerned About Russia-Ukraine Gas Dispute - CNNMoney.com
European Inflation Rate Drops to Lowest in Two Years - Bloomberg
Bid to Revoke Madoff’s Bail Cites His Gifts - New York Times
![Freakonomics[Revised and Expanded]](/images/21xRHBWYYML.jpg "Freakonomics[Revised and Expanded]")
$700 Billion Rejection = 777 points down in DOW
The picture says it all..
Some of the headlines that are rocking the Wall street today
On the lighter side
NEW YORK (Reuters) - Lehman Brothers Holdings Inc (NYSE:LEH - News) said it plans to sell a majority stake in its investment management division and spin off commercial real estate assets as the struggling U.S. investment bank fights to raise capital.
S&P 500 and Dow Jones industrial stock index futures dropped on Wednesday as uncertainty about the outlook for Lehman Brothers (NYSE:LEH - News) flared anew after the U.S. investment bank posted quarterly results.
More to come soon
WASHINGTON (Reuters) - The U.S. Treasury Department and Federal Reserve on Sunday announced sweeping measures to lend money and buy stocks if necessary in embattled mortgage lenders Fannie Mae and Freddie Mac.
http://www.reuters.com/article/newsOne/idUSN1332789320080713
First Bear, next IndyMac and now Freddie and Fannie.
Watch USD imploding tomorrow. Short term botton is in. I expect market (especially Financials) to rally tomorrow mostly because of shorts covering.
More bad news in the Financial Sector.
Goldman and Citigroup announced major job cuts. XLF made a new 52 week low today (21.53) at 10:30 a.m EST.
Moody downgraded the credit ratings of Ambac Financial (ABK) and MBIA (MBI) citing their limited ability to raise new capital and write new business. Analysts cut their price targets for, among others, Goldman Sachs (GS), Citigroup (C) and Wachovia (WB).
Not surprised to see a huge jump in the volatility in the U.S and other markets around the world. Is the high volatility at this level indicates the bottom for the markets?
Here is an interesting chart from Wall Street Journal. In this article (linke provided below), WSJ notes that the stock market is trading at levels where it was nine years ago. For example, if you invested $10,000 in the S&P index back in 2000, it will be about the same value today.
Check out the article Lost Decades on WSJ.
NEW YORK (Reuters) - U.S. gold futures rallied to a record high of $1,000 an ounce on Thursday, fueled by a combination of a weakening dollar, strong investment demand and inflation fears due to rising crude oil prices.
Fears of a recession and expectations of aggressive rate cuts from the U.S. Federal Reserve to help shield the U.S. economy is piling pressure on dollar, while also boosting gold and oil as alternative investments.
Adjusted for inflation, gasoline at $3.227 a gallon, according to AAA, is still about 18 cents below its peak of $3.405, set in March 1981, according to the Energy Information Administration.
But prices are higher then they have been at any time in recent memory. In 2002, when many people may have bought a vehicle they are still driving today, Americans spent just 4% of their income on energy. Gas prices, adjusted into 2008 dollars, were at a near all-time low of around $1.30 a gallon.
