Wall Street is getting hit hard today, 2/17/09. Almost all stocks are down except a select few and most gold stocks.
Why is the Stock Market down Today?
- General Motors ( GM ) and Chrysler are back in Washington possibly needing more money.
- Japan reported over the weekend that their recession is worsening.
- Gold prices are soaring ( $965 )
- Bank Stocks around the world continue to fall
- Confidence in the new administration is falling ( ie, Timothy Geithner's Bank Rescue Plan disaster last week.
The Dow Jones is hovering around 7600, 100 points above a major support level of 7500.
The S&P 500 is at 795, 50 points above support at 740
Most say we are testing the Bottom and if it holds, Wall Street could see a big bounce. Stay tuned!!
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