Barchart Stock Market Wrap – March 5, 2009

Fresh concerns over the state of the financial sector pushed the markets to 13 year lows today. Citigroup (C) sank to a price below a $1 per share and General Electric (GE)   stock was under pressure because of its financial unit, despite GE’s assurance that the unit would be profitable in 2009.

With grim news expected in the morning in the form of the monthly jobs report (with unemployment expected to rise to 7.9%) there seems to be little reason for optimism.

The Dow Jones Industrials closed down 281 points to close at 6,594 for a loss of 4.1% today. The S&P 500 Index was also lower, closing down 30 points for a loss of 4.3%.

 April Comex gold futures rose $26.3 ending an eight session losing streak as safe haven buying by battered equities investors boosted the metal

The spot April crude oil futures fell $1.74 to close at $43.64 after statements by Chinese Premier Wen Jiabao implied that China would NOT have to boost its stimulus package, rumors of which had supported the crude oil market in recent sessions.

The March Dollar Index was higher by 40 points on the weakness in equities and safe haven buying.

Reports Due Tomorrow:

8:30 am – Department of Labor Unemployment Report for February (expected at 7.9% compared 7.6% in January).

Market Momentum: There were 239 advancing issues on the NYSE, with 2,921 declining issues. On the NASDAQ, there were 389 advancing issues with 2,380 declining.

New 52-week Highs: There were 9 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 1,028 new 52-week lows on the NYSE and NASDAQ.