- The Washington Times - Monday, May 11, 2009

UPDATED:

Wall Street posted losses Monday as the markets again followed the direction of financial stocks.

The Dow Jones Industrial Average closed at 8,418.77, down 155.88 points. The broader Standard & Poor’s 500-stocks Index closed at 909.26, down 19.97 points, and the tech-heavy NASDAQ closed at 1,731.24, down 7.76 points.

The major markets are up roughly 25 percent in the past two months, following first-quarter reports by major U.S. banks that were better than expected, then upbeat reports last week on unemployment and the health of the country’s largest 19 financial institutions.

Analysts said investors appeared to cash in Monday on profits made last week or were concerned about three healthy banks — U.S. Bancorp, Capital One Financial Corp. and BB&T Corp. — planning to issue billions in stock shares to help repay the federal bailout loans they have received.



U.S. Bancorp stocks closed at $18.50, down $2.04 a share.

Last week, the Dow closed at 8,574.65, up 362.24 points. The S&P closed at 929.23, up 51.71 points, and the NASDAQ closed at 1,739, up 19.80 points.

The recent gains appear to show the worst of the recession might be over, but investors remain cautious and the markets still are down significantly from their October 2007 highs.

Investors this week will focus on consumer spending and more first-quarter reports from major retailers, including Wal-Mart and Macy’s Inc.

Last week, Target Corp. and Wal-Mart reported upbeat numbers.

Target said net sales for April were $4.45 million, 4.5 percent higher than in April 2008. Gregg Steinhafel, the company’s chief executive officer, said the results matched expectations and the company’s overall first-quarter performance was “significantly” better than expected.

Wal-Mart reported domestic sales last month of $63.15 million, compared to $59.66 million in April 2008.

Sign up for Daily Newsletters

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide