Market Recap: EU Summit Stalls Rally, Bank of America Makes Strange Moves
Markets closed mixed on Wall Street today: Dow +0.32%, S&P +0.46%, Nasdaq -0.21%, Oil -0.77%, Gold -2.25%.
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Today’s markets mixed down because:
1) EU Summit Delay. If you love bipolar action, the EU resolution has sure been your thing. Every day this week has been a “bailout on” or “bailout off” day. Today’s binary switch started in the off position after news the EU Summit would not reach a final resolution this weekend. However, investors switched to “on” mode once they realized next Wednesday is not eons away.
2) Bank of America. Talk about your whipping boy. Bank of America (NYSE:BAC) had it bad today on new speculation the troubled bank might be preparing to file for Chapter 11 bankruptcy. To make matters worse, the California Attorney General liked the timing to launch an investigation into the bank and its Countrywide Financial subsidiary fraudulently sold risky mortgages to investors in California. Strangely, shares recovered with the general market rally and ended the day in the green.
3) Microsoft and Yahoo. Yahoo (NASDAQ:YHOO) was the talk of the town today as Microsoft (NASDAQ:MSFT) CEO Steve Ballmer bashed the company yesterday and is reportedly wooing Yahoo today. Is it me, or isn’t that a red flag for the future relationship should they wed? Other big news had Intel (NASDAQ:INTC) down 2.6% after traders booked profits from the huge gain on earnings yesterday and floods in Thailand may affect key partner Dell (NASDAQ:DELL).