Skip navigation


Current DateTime: 12:07:14 10 Nov 2009
LinksList Documentid: 33482595

Current DateTime: 12:07:14 10 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 12:07:14 10 Nov 2009
LinksList Documentid: 33793611

Current DateTime: 12:07:14 10 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Futures Rally but Fear Remains; Citi Gains
By: CNBC.com | 21 Nov 2008 | 08:10 AM ET
Text Size

U.S. stocks looked set for an end-of-week rally Friday with the Dow futures gaining about 200 points ahead of the open, but recent declines have left investors with little trust in upswings.

"At best we might see a day or two of further rebounds, but as we've seen in the past after a big rally it always comes off, it's always met with skepticism," Omer Bhatti, head sales trader at Worldspreads, told "Worldwide Exchange."

"People are being spooked out of positions instead of thinking rationally," he added.

All of the major indexes suffered massive selling in the previous session and closed at multi-year lows across the board. A lack of direction on the proposed auto bailout and TARP plan continued to add to investors' fear.

A proposed $25 billion emergency loan to the Big Three automakers hit the brakes on Thursday with Congress announcing plans to revisit the issue in December.

Yet the massive drop Thursday which saw bond prices post their biggest gains ever, triggered another round of speculation as to whether the market had found a bottom.

Such a bottom would be expected to trigger a violent rally.

"Add a gigantic short-covering rally and it could be a rally the likes that we've never seen before," Matt Zeman of LaSallle Futures told CNBC.

Despite the stalling of the bailout plan, shares of Ford [F  Loading...      ()   ] and General Motors [GM  Loading...      ()   ] both were indicating about 4 percent higher in premarket trading.

Financial stocks were set to remain in focus following Citigroup's [C  Loading...      ()   ] two-day stock battering. Senior officials at Citi told CNBC a strategic change was needed in the bank's direction, which could include raising fresh capital or a merger.

Citi shares closed at $4.71 on Thursday, having slumped over 26 percent during the session and losing 23 percent on Wednesday. Pre-market trading pointed to a more than 11 percent jump in Citi shares at the open.

People at risk of foreclosure will get a reprieve during the festive season as mortgage finance companies Fannie Mae [FNM  Loading...      ()   ] and Freddie Mac [FRE  Loading...      ()   ] have suspended foreclosure sales between Nov. 26 and Jan. 9.

In political news, President-elect Barack Obama is likely to nominate Hillary Rodham Clinton as secretary of state after Thanksgiving, CNBC's John Harwood confirmed Thursday.

Numerous Federal Reserve representatives will take to the stage with Richmond Fed President Jeffrey Lacker kicking things off at 8:15 am New York time in Bethesda, Md. Philadelphia Fed President Charles Plosser will speak at midday in Philadelphia and Chicago Fed President Charles Evans at 12:40 pm in Indianapolis.

In addition, Heinz [HNZ  Loading...      ()   ] will report earnings before the bell.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Do free market libertarians really believe what they say about ethics and shareholder value? The Big Money takes a look.
  • Jim Cramer
  • Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
  • On the anniversary of the fall of the Berlin Wall, many in the former Eastern Bloc recall communism fondly.
  • Gavel
  • Software, biotech firms, even banks are watching a particular Supreme Court argument today.
  • From politicians to CEOs to companies, here's your chance to vote for the winners and losers of 2009.
  • A new sinister Internet viruses can turn you into an unsuspecting collector of child pornography.
ADD COMMENTS
Remaining characters


Current DateTime: 09:34:37 09 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 09:34:02 09 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 09:34:02 09 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 09:34:02 09 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters