RECENT POSTS
- Your First Move For Tuesday May 29th
- Chesapeake Should Rally Into $20’s: Pro Trader
- Najarian: Yahoo! a Must Own Stock
- Marc Faber: 100% Chance of Global Recession
- Your First Move For Friday May 25th
- Desperately Seeking Dividend Yield
- Tech Is Trying to Tell You Something: Terranova
- Charts Suggest S&P Revisits Flat on Year: Top Analyst
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the latest show here.
FAST MONEY PODCASTS
Download Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY SLIDESHOWS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up for our daily newsletter!
Text Size 
Dow Clobbered 3%
 |
The S&P 500 [.SPX
Loading...
()
], Nasdaq [.NCOMP
Loading...
()
] and Dow [.DJIA
Loading...
()
] all tumbled on Wednesday due to worries about steeper losses at banks worldwide and as U.S. retail sales data pointed to a deepening recession.
All 30 Dow stocks were in the red, including Citigroup [C
Loading...
()
] . The bank shed more than 23 percent as investors and analysts worried whether the bank can be profitable as it unravels its business model. It is expected to post a multibillion-dollar loss this week.
Analysts speculate that Citi's decision to sell Smith Barney is a precursor to a break-up of the entire firm and that the bank must be urgently seeking to replenish capital due to mounting losses.
"There is an awful lot of uncertainty out there about how severe the economic downturn will be and whether there will be a second round of asset write-downs," says Lincoln Anderson, managing director and chief investment officer at LPL Financial.
Citigroup is due to report its results on Friday, after moving up the reporting date.
Meanwhile, fears about the banking sector were exacerbated after Morgan Stanley analysts forecast HSBC [HBC
Loading...
()
], Europe's biggest bank, is likely to halve its dividend and may need to raise up to $30 billion of capital, while Germany's Deutsche Bank [DB
Loading...
()
] said it lost more than $6 billion last quarter.
----------------
OIL DROPS ON INVENTORY JUMP
Oil [US@CL.1
Loading...
()
] fell on Wednesday due to rising inventories and flagging demand in top consumer nations such as the United States.
U.S. distillate demand fell to the lowest level in five years as the economic recession battered industrial consumption, according to the Energy Information Administration.
I’d sell the refiners, counsels Tim Seymour. And I sell DryShips [DRYS
Loading...
()
] too.
If you look at gasoline it closed up, reminds Guy Adami To me that means people are comfortably short on the bottom.
----------------
DOLLAR HIGHER AS GLOBAL MARKETS CRUNCHED
The dollar edged down from a one-month high against the euro on Wednesday but remained supported as investors braced for a possible interest rate cut by the European Central Bank later in the week.
The ECB is expected to cut rates by 50 basis points from the current 2.5 percent at a policy meeting on Thursday to help fight a broad economic downturn
If the ECB cuts any less it should be a huge boon for the dollar, muses Tim Seymour.
- Desperately Seeking Dividend Yield
- Tech Is Trying to Tell You Something: Terranova
- Charts Suggest S&P Revisits Flat on Year: Top Analyst
- Airlines Taking Flight?
- Three Stocks For Thursday
- Next Stop for Oil - $88.55
- QE3 Likelihood Still ‘Pretty Good’: Jan Hatzius
- Dennis Gartman Buying Gold and Stocks
- Doug Kass: Facebook Feels Like AOL Time Warner
- Guy Adami: A Real Life Iron Man
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
Trader disclosure: On Jan. 14th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (TM), (DIS), (MSFT), (SDS), (AAPL); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), NUE); Seymour Owns (BAC), (EEM), (F), (TSO), (AAPL); Najarian Owns (HSBC), (MSFT), (MS), (CSCO), (XME); Najarian Owns (DNA) Calls, (NVLS) Calls, (NVDA) Calls; Najarian Owns (C) Puts; Najarian Owns (CSCO) Short Calls; Najarian Owns (MS) Short Calls
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
