Home | News Briefs | U.S. | World
| Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat
Wall Street Rallies Late, But Still Closes Lower
February 20, 2009 4:57 p.m. EST
Mitchell Jaworski - AHN Reporter
New York, NY (AHN) - U.S. markets opened Friday lower as the major indices pressed multi-year lows. The banking sector led the way down before rallying off lows sparked by comments out of the White House.
Banks were being aggressively sold throughout the morning on worries the government may nationalize them. However, the sector pared most of its losses after the White House said it "strongly believes" in the private banking sector.
All three major indices pared the majority of losses, but still finished lower on the session.
The Dow Jones Industrial average fell 100 points or 1.3 percent to close at 7,365. 24 of 30 Dow components finished the session lower.
Citigroup, down 22.3 percent, was the main Dow laggard as the bank failed to participate in the afternoon rally.
The S&P 500 finished lower by 9 points or 1.1 percent after being down more nearly 3 percent mid-way through the day. The rally in banks and the financial sector on a whole helped the index pare most of its losses. The financial sector, which was lower by 9 percent at one point, finished down about 1 percent on Friday.
Tech held up the best as the Nasdaq Composite finished nearly flat, down 1 point on the day. Research in Motion weighed on tech, down 7 percent, as shares continue to sell off due to the options back-dating claims.
Elsewhere, with concerns in the financial sector flaring, the price of gold surged above the $1,000 mark. The precious metal finished the session up 2.6 percent at $1002.20 per ounce.
Crude oil failed to follow through on yesterday's gains, falling 54 cents a barrel on Friday to settle at $40.03 on the New York Mercantile Exchange.
On the economic front, the Consumer Price Index (CPI) for January ticked up 0.3 percent. That marks the first increase in consumer prices since July. An increase in energy costs were the main reason for the move.
In corporate news, Lowe's reported weaker than expected quarterly earnings and offered lower guidance. J.C. Penney posted a 50 percent decline in fourth quarter profit and said it expects to lose 20 to 30 cents a share in the first quarter.
Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication.
Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat
© 2009 AHN
Client Login |
Submit News |
Privacy Policy |
Terms of Use
|
Contact
| Content Services
All Rights Reserved
Other News on Saturday, 21 February 2009 Tamil Tiger aircraft attack Sri Lanka capital
| International
|
U.S. secures Afghan supply route
| International
|
Mexico tests remains for U.S. anti-kidnap expert
| International
|
Rights may take second place on Clinton China visit
| International
|
Latvian ruling coalition falls, PM resigns
| International
|
Mugabe turns 85 with challenge in party, unity government
| International
|
Court finds California video game law unconstitutional
| Technology
|
U.S. lawmaker to push repeal of online gambling ban
| Technology
|
Cable providers eye offering TV shows online: report
| Technology
|
Ill, disabled Aussie kids get first online network
| Technology
|
Recession Keeps Less Planes Flying, Making U.S. Neighborhoods Quieter
School Board In Florida Sets Homework Guidelines
China Internet users asked to probe custody death
| Technology
|
Update: Obama Thanks Mayors For Their Work; Says Stimulus Must Be Spent With Accountability
Amnesty International Asks Clinton To Retract Statement, Declare Human Rights Crucial To Chinese Relations
Democratic Congressmen Decry Hostilities During 'Unsanctioned' Trip To Gaza
Business Opportunities For Women, Minorities May Open If Chicago Wins 2016 Olympic Hosting Bid
Bill Clinton Gives Obama A Grade For First Month In Office
Cost Of Solar Installation Continues Drop
Picture of bruised Rihanna sparks police probe
| Entertainment
|
Leonard Cohen plays first U.S. concert in 15 years
| Entertainment
|
Actors and studios end contract talks, hit new snag
| Entertainment
|
Three foreign troops killed in Afghanistan
China and U.S. can lead world to recovery: Clinton
| International
|
20 nations offer to boost Afghan contributions: US
"Lethal Weapon" Screenwriter Sued By Ex-Girlfriend Of Assault
Netanyahu urges moderates to join broad government
Israel says rocket from Lebanon wounds woman
| International
|
'King of Pop' eyes concert comeback in London: reports
U.S. secures Afghan supply route
| International
|
Netanyahu asked to form Israel's next government
Alleged fraudster's Antigua bank closes
Rwandan army to start Congo withdrawal
| International
|
Paintings of "Polish Kafka" revealed in Israel
US gov't moves to dispel bank nationalization rumors
Iran understates uranium stocks to IAEA: diplomats
| International
|
Diplomats claim Iran understates uranium stocks to IAEA
Swiss court blocks bank data sharing with US: report
Australian author freed after Thai royal pardon
| International
|
Stroke deaths soar in poorer nations, drop in rich: study
Survey shows most Japanese want PM to quit
| International
|
Eurovision Song Contest beloved and belittled
EU auto sector drives into protectionism row
U.S. set to refurbish planes for Taiwan
| International
|
US annual inflation wiped out, deflation looms
Cancan dancers, Lord of Misrule open Rio Carnival
| International
|
Bank fears drag down world markets
Clinton in China pushes environment, finance
Clinton calls for deeper US-China partnership
Guantanamo in line with Geneva rules: official
US, allies 'can't delay' Iran worries: White House
Schwarzenegger Signs $130 Billion California Budget
San Francisco Highway Crash Kills 6
US protesters slam weak apology for monkey cartoon
Venezuela bans travel for Stanford bank execs
U.S. Soldier Convicted For Executing Iraqi Prisoners
US-TECH Summary
Group Counters Stimulus Plan With TV Ad Featuring Jesus
US military deaths in Afghanistan region at 581
Digital music services flunk college test
U.S. Concerned As Iran Expands Military Ties With Russia
Apple's Woz waltzes back into the spotlight
| Technology
|
US received Hamas letter for Obama: State Dept
Apple's Woz waltzes back into the spotlight
Feb 20 Highlights Of Low Points In U.S. Economy
Digital music services flunk college test
| Technology
|
US to prod Syrian envoy on terrorism, nukes
Appeals Court: Sale, Rental Of Violent Video Games To Minors Unconstitutional
Google shoots down 'Atlantis' pictures
White House says world can't delay on Iran
Small Business Administration Warns Of Scam Letter
California's video game law ruled unconstitutional
Price Of Consumer Goods Rose In January
U.S. lawmaker to push repeal of online gambling ban
Wall Street Rallies Late, But Still Closes Lower
EU's eastern nations fear western protectionism
Cable providers eye offering TV shows online: report
Britain asked to wait on Qatada deportation
China Internet users asked to probe custody death
Nigeria to clamp down on e-waste imports
Sri Lanka rebels call airstrike succes
Japan's Ishikawa misses PGA cut but gains respect at Riviera
Malaysian politician accused of giving away beef
Oscar nods shine spotlight on short films
| Entertainment
|
Obama broadens US targets in Pakistan: report
Slumdog kids to walk Oscar red carpet
| Entertainment
|
Clinton in China pushes environment, finance
No sign of recession at pre-Oscar gift suites
| Entertainment
|
"Slumdog" kids to walk Oscar red carpet
Clinton believes China and U.S. can lead world to recovery
Iran Praises Military Ties With Russia
Pirate abduction in Malacca Strait after long lull
Hollywood actors, producers talks end without deal
Project Runway show features phantom finalists
| Entertainment
|
Sri Lanka calls Tiger raid desperate bid to delay defeat
Piracy sinking Lebanon cinema, music, cable industry
Rebel planes raid Sri Lanka capital
Japan's Sharp to make LCD panels in China: report
Australian police probe Japanese whaling claims
Mutual funds investing in China
Prudential to take 9.9% stake in China Life
Conan says bye to New York with some old friends
Galicia's abandoned villages get new lives
China's tax revenue growth slows in 2008: govt
'Slumdog Millionaire,' Ledger lead Oscars betting
Rihanna won't discuss Chris Brown, but thanks fans
Vienna, one of the spy capitals of the world
San Francisco man faces fallout from `Wife Swap'
Attorney: Peter Falk's care is adequate
No sign of recession at pre-Oscar gift suites
'Slumdog' kids get ready for a trip to the Oscars
Indonesia president hopeful unrepentant on rights abuse
"Slumdog" kids to walk Oscar red carpet
Iraq's Abu Ghraib prison renamed and reopens
Violence flares on Israel-Lebanon border
Iraqi Kurdish politician wants rights protected
With new name and fresh paint, Abu Ghraib reopens
2 rockets fired from Lebanon towards Israel
Rocket from Lebanon wounds three Israelis: medics
Sudan says 28 killed in clashes with Darfur rebels
US, China to join forces on economy, climate change
Clinton in China to push climate, finance
US Senator Kerry meets Assad in Syria
Syria, US explore improving ties as Kerry visits
Obama urges control of mushrooming deficits
Iran offered to end Iraq attacks for nuke deal: BBC
Report: Edward Kennedy May Be Too Ill To Serve In Senate; Wife May Succeed Him
Louisiana Governor Rejects Some Stimulus Funds
Analysis: Even military split over Iraq pullout
Arrest Near In Chandra Levy Murder Case In DC
Spain denies arrest of top ETA leader
Seoul singer breaks world marathon singing record
Mum of kidnapped UN official pleads for help
Pakistan: Mother of captive American issues appeal
'Drunken antics' cost Japan minister his job: reports
Thailand arrests alleged people smuggler
India adds record 15.41 mobile million users in January
Statuettes topple at Saint Laurent art show
US, China to join forces on economy, climate change
Pakistan Taliban agree "permanent ceasefire" in Swat
'King of Pop' eyes London comeback concerts
Asian finance ministers in Thailand to discuss global crisis
Philippines: Fugitive arrested in lottery outlet
'Slumdog Millionaire' poised for Oscars glory
Tokyo Electric to build solar plant in California: report
China tries to silence dissidents for Clinton visit
Rio embarrassed by surge in Carnival crime against tourists
Pakistani cenbank sells 24 bln rupees of T-bills
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights