Mansfield Stock Chart
For example, when Will Swarts of SmartMoney.com reported that "stocks dropped sharply on Thursday after jobless claims increased and the government scrapped plans to sell off stock in Citigroup (C) indicating that the path to recovery will remain balky. The Mansfield stock chart for Citigroup revealed less-than-stellar performance.
"The Dow Jones Industrial Average closed down 133 points at 10308. The S&P 500 finished down 13 at 1096, and the Nasdaq dropped 27 to 2180. The major indexes were weighed down by Citigroup, which lost ground after the U.S. government's decision to shelve the sale of part of its stake rather than sell it for a loss. Investors were dismayed at the low price that Citigroup was able to get for a secondary share offering and concerned about the offering's dilutive effect on shareholders," said Swarts.
Economically, the Labor Department reported an unforeseen hike in the amount of workers taking advantage of unemployment for more than a week. Preliminary claims for jobless benefits went up 7,000 to a seasonally adjusted 480,000 in the week that ended Dec. 12, said the Labor Department on the following Thursday. Economists surveyed by Dow Jones Newswires surveyed economists on the news, and they had expected that the claims would fall by 9,000. The four-week average of new claims fell 5,250 to 467,500, its fifteenth consecutive drop.
"Stock futures had already moved lower prior to the jobless data on continued worries over when the Federal Reserve might retreat from its easy-money policy. On Wednesday, the Fed noted improving economic conditions although it left its interest-target between 0 percent and 0.25 percent, where it's been for a year," said Swarts.
Thursday morning, the dollar and Treasurys rose while crude-oil futures and gold futures fell in other markets.
"As of 4:10 p.m. EST., crude oil futures trading on the Nymex regained most of their earlier losses rising a penny to $72.67 a barrel following a more than $2-a-barrel climb on Wednesday after the Energy Department reported lower inventories," finished Swarts.
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