Barchart Stock Market Wrap – February 27, 2009
Friday, February 27, 2009
by Barchart Analyst of Barchart.com
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Barchart Stock Market Wrap – February 27, 2009 The S&P 500 index fell to a 12 year low today on news that the US economy had shrunk more than expected in the fourth quarter of 2008. The Department of Commerce Preliminary Q4 Gross Domestic Product report showed that GDP fell 6.2%, from the previous Q4 estimate of -3.8. This was even more than the -5.4% that economists had expected. In additional news the Treasury Departed announced plans to convert $25 billion of Citigroup (C) stock, if private holders would agree to the same terms. Citigroup fell 39% today on news of the potential dilution of its stock. The Dow Jones Industrials closed down 119 points to close at 7,063 for a loss of 1.7% today. The S&P 500 Index was also lower, closing down 18 points for a loss of 2.4%.
April Comex gold futures rallied slightly today on the poor economic news, gaining $2.3
 The spot April crude oil futures ended their brief rally, falling 96 cents to $44.26 on worries that the poor economic environment will dampen the demand for crude oil.
 The March Dollar Index was higher by 39 points in light safe haven buying. 
Reports Due Monday: No major government or corporate earnings reports are expected.
Market Momentum : There were 1,015 advancing issues on the NYSE, with 2,081 declining issues. On the NASDAQ, there were 1,059 advancing issues with 1,676 declining.
New 52-week Highs: There were 5 issues reaching 52-week highs between the NYSE and NASDAQ
New 52-week Lows: There were 495 new 52-week lows on the NYSE and NASDAQ.
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- Barchart Stock Market Wrap – March 13, 2009 - Friday, March 13, 2009
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About the author
The Barchart Analyst has over 35-years experience in the futures and stock markets, and is a former member of the Chicago Board of Trade. He has participated in an advisory role for many large corporations and has spent 19 years developing and back testing sophisticated trading systems for top Wall Street brokers and commodity trading firms. The Barchart Analyst uses many of Barchart.com's free tools, such as Signals, Top Stocks by Sector, and Opinions, to scour the market for stocks on the verge of a major move. His commentary alerts readers to major market trends and provides promising trading ideas. Comments may be forwarded to The Barchart Analyst via editor@insidefutures.com. With a heritage dating back to 1934, Barchart.com, Inc. has substantial experience in meeting the informational needs of the financial industry. A full-service provider of futures and equities financial market data from all major exchanges, Barchart also provides comprehensive historical market data and research, custom web content, complex real-time charting applications, an extensive array of market tools and analytics, retail, and educational products.
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