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The market today couldn’t keep a meager rally going. The S&P 500 are down about .5% at the time of this writing, but don’t seem to have much of an inclination to drop further, either. Auto sales numbers were predictably bad, but GM and F were able to stay higher on the day. But concerns over weak earnings in the coming year weighed on the market, with stocks such as T and VZ lower on fears that the recession would hurt wireless sales throughout 2009. Shares of Tyson Foods, TSN, dropped nearly 6% as the company’s CEO abruptly resigned today, creating fear that there might be some problems in the company. Oil rallied again as tensions in the Middle East rose as Israel battled Hamas in Gaza.
AAPL had a nice bounce today, up over 4% today on news that Steve Jobs, Apple’s CEO, would stay on the job through his recovery from pancreatic cancer. Shares had fallen last year on investor concerns over Jobs’ weight loss and prognosis because he is seen as the main driver of Apple’s most successful products. His willingness to discuss his health openly reassured investors and reduced speculation that he might have to stop running the company.
In all, it was a pretty quiet trading day. We’ll see if the rest of the week provides any more excitement.
Tom Preston
thinkorswim, Inc.
Member FINRA/SIPC/NFA
thinkorswim, Inc. and its registered employee, Tom Preston, do not solicit or recommend any form of trading in the individual stocks (or their derivatives) mentioned above. Please do careful, independent research before investing any money as well as weigh the possible consequences on your particular financial situation before doing so. The risk of loss may be substantial.
