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Market Recap S&P 500 26th Nov
Many investors woke up today expecting that retailers would take the spotlight in the wake of Black Friday, but it was once again the financial sector that drove the market this Monday. HSBC Holdings (HBC) said it’s started the process of bailing out 2 of its struggling structured investment vehicles to avoid a forced liquidation of the assets, while Citigroup (C) responded to a CNBC report that “massive” layoffs are imminent as the company tries to control its mortgage-related losses. As if that weren’t enough finance-related turmoil for one Monday morning, UBS sent shares of Freddie Mac (FRE) and Fannie Mae (FNM) tumbling after it downgraded both stocks to “neutral” from “buy,” while J.P. Morgan (JPM) issued a late-afternoon report that it would eliminate 100 subprime mortgage jobs in its Ontario, California retail center.
With Citigroup shares now trading south of the 30 level for the first time in 5 years, this morning’s relatively mild selling pressure accelerated rapidly as the afternoon wore on. The Dow Jones Industrial Average (DJIA – 12,743.44) closed on a loss of 237.44 points, or 1.8%, as 28 of its 30 components slipped into negative territory. Boeing (BA) and Johnson & Johnson (JNJ) were the 2 lone Dow components to close the session on a positive note.
The S&P 500 Index (SPX – 1,407.22) was even harder hit, giving up 2.3% by the time the closing bell sounded.
S&P 500 (SPX – 1,407.22) – support at 1,400; resistance at 1,510
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