Tuesday’s Market Recap (1/27/2009)
Stocks remained stable and continue minor jumps up as financial came in at levels better than expected. The Dow Jones Industrial Average finished up 0.72% closing at 8,174.73 while the Nasdaq and S&P increased 1.04% and 1.09% respectively closing at 1,504.90 and 845.71. Crude oil was up today $0.59 to $42.17 as crude inventories are expected to rise for the fifth straight week as imports increased again and seasonal maintenance cut refinery demand. The financial sector was boosted 3.70% as firms like American Express Company (AXE: 26.50, +0.16 (+0.61%)), who reported earnings yesterday, and even though they released sub par earnings this announcement gave light to the industry as their earnings weren’t as terrible as originally thought.
The Consumer Confidence Index released it worst report in the history of the Index falling to a level of 37.7, signaling a further drop in consumer spending in 2009. State figures were also released today showing a unemployment across all states in the U.S.
The above story is the opinion of the author only and it does not reflect
iStockAnalyst opinion. Further, the author is not personally advising you
regarding the suitability of the story for your investment needs. In no event
iStockAnalyst will be liable for any loss or damage including without
limitation, indirect or consequential loss or damage, or any loss or damage
whatsoever arising from or arising out of, or in connection with the use of this
information. Please consult your investment advisor before making any investment
decision.
