Barchart Stock Market Wrap – March 2, 2009

Further bad news from the financial sector sent stocks reeling today. American International Group (AIG) announced a staggering $61.7 billion quarterly loss and announced that it had received an additional $30 billion US government injection of capital.

With the bad news from AIG, the markets plummeted today with the Dow Industrials falling below 7,000 for the first time in 12 years.

Nor was the damage restrained to the stock market, gold fell on economic fears and crude oil lost more than 10% today.

The Dow Jones Industrials closed down 300 points to close at 6,763 for a loss of 4.2% today. The S&P 500 Index was also lower, closing down 34 points for a loss of 4.7%.

April Comex gold futures fell nearly $16 to $926.7 on worries that the falling stock market might prompt margin call selling in gold and the lackluster economy might reduce demand.
 

The spot April crude oil futures fell more than 10% or $4.71 per barrel to close at $40.05. Continued economic concerns and a falling stock market were the reasons.

 The March Dollar Index was higher by 89 points on safe harbor buying.
 

Reports Due Tomorrow:

Before the Market Opens – Motor Vehicle Sales for February from the manufacturers.

10:00 am – National Association of realtors Pending Home Sales for January  (expected at -3% down from +6.3% in December).

Unknown Time – MBIA (MBI) reports earnings, expected at -76 cents versus -3.30 in the same quarter last year.

Market Momentum: There were 189 advancing issues on the NYSE, with 2,941 declining issues. On the NASDAQ, there were 313 advancing issues with 2,505 declining.

New 52-week Highs: There were 3 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 924 new 52-week lows on the NYSE and NASDAQ.