Wednesday, April 8, 2009
Market Reflections 4/7/2009
Stocks fell a steep 2.4 percent to 815.15 on the S&P 500 on profit taking which more and more are warning may bite into half of the market's month-long rally, a move that would put the S&P in the mid 700s. The dollar rose nearly 1-1/2 cents to $1.3268 as the euro was pressured by weak economic data out of Europe. Money moved into the Treasury market where yields were several basis points lower including 0.54 percent for the 52-week bill. There was heavy demand in the session for $25 billion of new 52-week bills in a good sign for all markets. Crude was ending just over $49 while gold, bouncing from sharp losses, rose more than $10 to nearly $885.