Tuesday, May 12, 2009

Wall Street Ends Mixed, Pfizer Jumps

. Tuesday, May 12, 2009

By stockOzone team

US stocks finished little changed on Tuesday as investors continued profit booking while rising oil prices gave a boost to energy stocks.The Dow Jones Industrial Average rose 50.34 points or 0.60% to finish at 8,469.11. The S&P 500 fell 0.89 points or 0.10% to end at 908.35. The Nasdaq Composite lost 15.32 points or 0.88% to 1,715.92.

Shares of financials tumbled. Bank of America (NYSE: BAC) plunged 68 cents or 5.26% to $12.26.According to media reports, Bank of America has raised $7.3 billion from the sale of 13.5 billion shares of China Construction Bank. Citigroup (NYSE: C) slumped 20 cents or 5.18% to $3.66. American Express (NYSE: AXP) fell 59 cents or 2.27% to $25.45. Shares of Wells Fargo & Co.(NYSE: WFC) plummeted 83 cents or5.86% to $26.53.

Shares of General Motors (NYSE: GM) sank 29 cents or 20.14% to $1.15.

Late on Monday, the second largest US automaker Ford Motor Co. (NYSE: F) said that it plans to sell 300 million shares of its common stock and use some of the proceeds to pay cash into its retiree health-care trust. The company said that it expects to grant underwriters a 30-day option to purchase up to 45 million shares.Shares of Ford plunged $1.07 or 17.60% to $5.01 on Tuesday.

Diversified US firm, General Electric (NYSE: GE) declined 51 cents or 3.59% to $13.68.

Energy stocks finished higher. Exxon Mobil Corp. (NYSE: XOM) rose $1.55 or 2.24% to $70.82.
Chevron Corp. (NYSE: CVX) gained $1.19 or 1.75% to $69.19.

Alcoa (NYSE: AA) dropped 42 cents or 4.20% to $9.59.

Shares of drugmaker Pfizer Inc. (NYSE: PFE) jumped 78 cents or 5.51% to $14.93.

Coca Cola (NYSE: KO) jumped $1.65 or 3.86% to $44.40.

On the front of economic data, a release by the Commerce Department showed that U.S. trade gap with the rest of the world widened in March for the first time in eight months as exports decreased faster than imports. The trade deficit jumped by 5.5% to $27.6 billion in March from $26.1 billion in February, the report showed.

Elsewhere, the Commerce Ministry of China said that exports slumped for the sixth straight month. The world's fastest growing economy witnessed a 22.6 percent drop in exports in April from a year earlier, to $91.9 billion. However, investments in factories and property development jumped 30.5 percent during the first four months of the year to 3.71 trillion yuan ($543.2 billion)

European stocks settled lower. The UK FTSE declined 9.96 points or 0.22% to 4,425.54. The German DAX and French CAC retreated 0.96% and 1.93% respectively.

Asian stocks finished mixed. The Nikkei 225 fell 153.37 points or 1.62% to 9,298.61. The Hang Seng index of Hong Kong rose 65.69 points or 0.38% to 17,153.64.

NYMEX crude oil for May delivery climbed 35 cents or 0.6% to settle at $58.85 a barrel.

Disclosure: Author does not own any of the stocks discussed here.


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