Barchart Stock Market Wrap – February 23, 2009

Relentless pessimism drove the major US indexes to their lowest levels in more than 11 years today. Financial stocks remain under pressure despite announcements from Washington pledging addition funds to shore up their capital.

The S&P 500 decisively closed below the November 20th low of 752.44 today as the index shed nearly 3.5%. The Dow Jones Industrials had broken the November 20th lows last week.

The Dow Jones Industrials closed down 251 points to close at 7,115 for a loss of 3.4% today. The S&P 500 Index was lower, closing down 27 points for a loss of 3.5%.

 April Comex gold futures closed $9.6 lower at $992.6 on profit-taking after its recent run higher.
 

The spot April crude oil futures fell $2.01 per barrel on continued worries of growing petroleum stockpiles due to the slowing economy.

The March Dollar Index gained 83 points, mostly against the Japanese Yen on news of additional capital for the US banking industry.

Reports Due Tomorrow:

Before the Market Opens – Target (TGT) reports earnings (expected at 83 cents versus $1.23 last year).

10:00 – Conference Board Consumer Confidence report for February (expected at 36.0 down from January’s 37.7).

Unknown Time – Home Depot (HD) reports earnings (expected at 15 cents versus 40 cents last year).

Unknown Time – Macy’s (M) reports earnings (expected at $1.01 versus $1.65 last year).

Market Momentum: There were 414 advancing issues on the NYSE, with 2,712 declining issues. On the NASDAQ, there were 555 advancing issues with 2,240 declining.

New 52-week Highs: There were 8 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 610 new 52-week lows on the NYSE and NASDAQ.