Collapse: DJIA, Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Morgan Stanley (NYSE: MS) and Google Inc. (NASDAQ: GOOG)

Morgan Stanley, Bank of America Corporation and Google go down

In brief: U.S. stock market catches a bearish trend. Bank of America Corporation (NYSE: BAC), Wells Fargo & Company (NYSE: WFC), Morgan Stanley (NYSE: MS) and The Dow Jones Industrial Average lost in price today.

U.S. stock trading opened with a sharp decline in the leading index on the background of macroeconomic news. Banks suffered first. Bank of America Corporation (NYSE: BAC) shares fell to 13.30 points lost -2.42%. Wells Fargo & Company (NYSE: WFC) fell to 26.69 points, a decrease of -3.89%. Morgan Stanley (NYSE: MS) stood at 26.70, losing -2.31%.

Google Inc. (NASDAQ: GOOG) shares fell to 493.33 points, losing -10.38 (-2.06%). The mood of market participants spoiled U.S. Department of Commerce report on the significant growth the U.S. trade deficit. In June of 2010. trade deficit rose in May compared with a value up to 49.90 billion dollars (forecast – 42.5 billion dollars). Also, do not cease to disturb the players and held on the eve of the meeting of the Federal Reserve System (FRS) the USA, following which it was decided to resume promotion of the national economy. According to experts, this is due to the slowing U.S. economic growth as, in particular, shows a slowdown of U.S. GDP. According to the Ministry of Trade of the country on 30 July this year, the figure in the II quarter of this year compared with the I quarter of this year, increased by 2,4% in recalculation on annual rates. For comparison, in the I quarter of 2010. U.S. GDP grew by 3,7%. Start the U.S. Trade: the largest in the U.S. Bank of America shares have fallen in price on 1,54% and banks JPMorgan Chase & Co. and Morgan Stanley – to 1,38% and 1,32% respectively. They fell in the early hours of the trading session the quotations Citigroup (-1,13%), as well as the bank Wells Fargo (-1,98%).

Ukrainian Globalist
2010-08-11 15:02, Economics.

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8 comments к “Collapse: DJIA, Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Morgan Stanley (NYSE: MS) and Google Inc. (NASDAQ: GOOG)”

  1. BAC Says:

    What’s the deal with BAC? here is an article I read.

    http://www.stocksavenue.com/?p=545

  2. Robert Says:

    so what do you think? should we buy banks now ??

    http://www.stocksavenue.com/?p=545

  3. usstock Says:

    I just want to say one thing. You Ukrainians don’t know anything about economy. If you would know something you wouldn’t be one of the poorest countries. So stop your stupid analysis!!!

  4. scythian Says:

    It’s not a collapse yet… just moderate dumping:) The real collapse is coming later on… by end of August – beginning of September… I’m expecting S&P around 500-600 by end of October. Have a good trading, Kiev!

  5. eng-admin Says:

    I would like to disagree with you, Usstock. Ukraine is not the poorest country. Poorest country is US. Tell me how much do you owe? The wealth of US is just a reflection of the world’s hope, that there will be the payday.

  6. scythian Says:

    Robet, you can buy BAC, but you never know if Mr. Paulson already dumped it and playing in opposite direction. I’m holding November puts on BAC with strike at 12 and 5.

  7. eng-admin Says:

    http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html [FYI]

  8. frank Says:

    “the mood of market participants spoiled U.S. Department of Commerce report on the significant growth the U.S. trade deficit.”

    i thought a trade deficit is a *negative* thing?

    this article makes it out as though it’s a positive thing, and the positive news was spoiled by the negative market mood.

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