Robert Hum is the Markets Producer at CNBC.
By the Numbers
Robert Hum
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Financial stocks continue to deteriorate this week with lingering concerns over Freddie Mac & Fannie Mae and continued weakness in regional banks following the collapse of IndyMac Bancorp.
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The bears are out on Wall Street now, as the Dow Industrials and Nasdaq Composite officially closed in bear market territory (down 20% from highs) today.
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After the close today, Coventry Health Care slashed its Q2 and full-year earnings guidance due to increasing cost pressures. Coventry’s stock was halted after hours before starting again. Meanwhile, other healthcare stocks are trading sharply lower in after hours trading following the news.
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Despite the ongoing rise in crude oil prices and the overall concerns of a weaker economy, the Dow Jones Transportation Average hit new all-time highs today. It passed its previous intraday high of 5,487.05 that it had set last July. If it closes over 5,446.49 today, it will set a new all-time closing high.
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The news on HP's acquisition of EDS has the stocks trading at enormous volumes.
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GM shares are up over 12 percent today after posting a smaller than expected quarterly loss.
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Pfizer's slide continues. The stock has now fallen below $20 for the first time since 1997.
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The Dow is smashing records left and right, and it may still not be ready for a big correction.
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Despite gold prices bouncing off their April lows, investors continue to leave gold for equities.
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The Dow is up 20 percent since Nov. 15, but 12 stocks kicked out of the index are up an average of 30 percent.
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The S&P 500 is up 19.3 percent since mid-November. Since the low, these five S&P sectors are already in bull market territory.
