logo


Wall Street Continues to Punish Financials
Wednesday, January 21, 2009 3:24 PM


(Source: The Milwaukee Journal Sentinel)trackingBy Thomas Content, Milwaukee Journal Sentinel

Jan. 21--Shares of two Wisconsin financial companies were off at least 10 percent in late-morning trading today. Mid-Wisconsin Financial Services Inc. (MWFS) was trading at $10.65, down 14 percent, while MGIC Investment Corp. (MTG) was down 11 percent to $1.90.

The companies were the biggest drops among Wisconsin stocks measured in the Bloomberg Wisconsin Index, which was trading down slightly as of late morning.

The top-performing Wisconsin stocks so far today are Anchor BanCorp Wisconsin Inc. (ABCW), up nearly 10 percent at $2.36, and Tomotherapy Inc. (TOMO), up 9.5 percent to $2.41.

Across the market, a partial rebound in financial shares and gains by technology stocks pulled the market higher Wednesday, a day after fears about the banking system pummeled Wall Street.

In midday trading, the Dow Jones industrial average rose 87.06, or 1.10 percent, to 8,036.15 after being up as much as 160 points early in the session.

Some bounce would have been expected following a sell-off but a better-than-expected 2009 forecast from IBM Corp. left technology shares looking not just oversold but as relatively safe bargains for some investors. Energy stocks also advanced as oil gained.

Not all industries shared in the advance. Airlines were weak after American Airlines and United Airlines posted lackluster results. Typical safe-havens for weak economies, like utilities and makers of consumer staples, fell as investors shifted money around.

Earnings reports commanded the market's focus Wednesday and will do so for the next few weeks. Apple Inc. is set to report its fiscal first-quarter results after the market closes.

The Associated Press contributed to this report.

-----

To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com.

Copyright (c) 2009, Milwaukee Journal Sentinel

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

AAPL, 6689, IBM, 6680, ABCW, TTPY,

A service of YellowBrix, Inc.



(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

  
Related Press Releases
Advertisement
Popular Articles
Advertisement
Partner Center
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia