Barchart Stock Market Wrap – February 20, 2009

Fear prevailed on Wall Street today, as the Dow Jones Industrials fell more than 100 points. The market was concerned about the possibility of several major banks being nationalized, even after the White House issued a statement that it “wants to maintain a privately held banking system”.

Added to the concern over the banking system was investor anger at the Obama plan to stave off foreclosures.  After a national TV personality called yesterday for a new ‘Tea Party’ in opposition to the plan the White House was forced to acknowledge the complains in a press conference today.

With little in direction coming from Washington except for jaw-boning, the markets had little support today.

The Dow Jones Industrials closed down 100 points to close at 7,636 for a loss of 1.3% today. The S&P 500 Index was lower, closing down 9 points for a loss of 1.1%.

April Comex gold futures closed $18.5 higher today on economic worries and briefly traded above yet another psychological barrier at $1,000 per ounce.

The spot April crude oil futures gave up some of yesterday’s gains, falling 37 cents per barrel on worries of the slowing economy.

The March Dollar Index fell 94 points on profit-taking and on concerns about the US banking industry.

Reports Due Monday:

No major government or corporate earnings reports are expected.

Market Momentum: There were 760 advancing issues on the NYSE, with 2,363 declining issues. On the NASDAQ, there were 786 advancing issues with 1,952 declining.

New 52-week Highs: There were 17 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 779 new 52-week lows on the NYSE and NASDAQ.