Posted on 04/21/2009 6:30:30 AM PDT by TigerLikesRooster
U.S. stock futures drop as DuPont, Merck cut view
By Steve Goldstein, MarketWatch
Last update: 7:54 a.m. EDT April 21, 2009
LONDON (MarketWatch) -- U.S. stock futures on Tuesday dropped as blue chips DuPont, Merck and Caterpillar cut their 2009 profit or sales estimates in a largely bleak wave of earnings reports.
After early gains, S&P 500 futures fell 6.3 points to 826.60 and Nasdaq 100 futures fell 7.5 points to 1,306.00. Futures on the Dow Jones Industrial Average dropped 65 points.
Worries over Bank of America's outlook and the banking sector more generally drove a retreat in U.S. stocks on Monday, as the Dow Jones Industrial Average fell 289 points, the S&P 500 dropped 37 points and the Nasdaq Composite fell 74 points.
Richard Cookson, head of asset allocation research at HSBC, said investors may have got too enthusiastic in the first place. "Banks are able to suspend some of their mark-to-market (accounting) for their existing portfolio, which has a rather flattering effect on profits. One of the things that spooked people yesterday was comments about a rise in loan losses," he said.
(Excerpt) Read more at marketwatch.com ...
Ping!
I know what will help. It worked in Michigan and most of the Northeast... we need to raise taxes.
You see if we take money away from people and give it to the government then they can tell us who should succeed and who should go bankrupt.
Cause everybody knows that the smartest people in the world are the politicians and the media people that tell us how smart they are.
After all look at all the things that politicians and reporters have created. They can do anything that we can do, only better. Just ask them.
Looking for advice...I have about $100,000 left in my 401K, I’m 60yr and would like to retire at 62, should I cash it out and pay the taxes on it? I’m afraid we’ll end up losing it all.
0zero and Company are at the helm, running full tilt, cruising in dense fog < 1/100 mi visibility, GPS is fried, no radar, no fuel, no radio, no charts....but they are writing letters to make B of A give them money, laughing & bowing well to one another on the bridge?
Geithner just started blah-blah-blah-ing at Congress, that might be good for another 100 points down on the DJII. (Note to self: 10:37 EST, DJII 7811.)
(Of course, some Code Pink commie is right in back of him with a damn sign. WTF is the matter with the people in charge of security and admission there?)
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