Barchart Stock Market Wrap – February 26, 2009

The stock market was lower today on worries about the impact of President Obama’s budget would have on healthcare stocks, previously one of the market’s stronger sectors.

In additional news, Initial Claims for unemployment rose again this week to 667,000 from 631,000 last week, and General Motors (GM) reported a massive $9.6 billion loss in Q4, including burning through $6.2 billion in cash.

The Dow Jones Industrials closed down 89 points to close at 7,182 for a loss of 1.2% today. The S&P 500 Index was also lower, closing down 12 points for a loss of 1.6%.

April Comex gold futures continued to fall, today by $19.7, on continued worries over the economy

The spot April crude oil futures gained $2.22 to $44.72 as more evidence appeared that the pace of inventory buildup was slowing and imports were actually falling, indicating that OPEC may actually be implementing their announced production cuts.

The March Dollar Index was off by 12 points in a quiet trading session.

Reports Due Tomorrow:

Department of Commerce Preliminary Q4 Gross Domestic Product report (expected at -5.4% down from the previous estimate of -3.8%).

Market Momentum: There were 1,389 advancing issues on the NYSE, with 1,715 declining issues. On the NASDAQ, there were 953 advancing issues with 1,744 declining.

New 52-week Highs: There were 2 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 292 new 52-week lows on the NYSE and NASDAQ.