subject: Markets zig-zag but close on the positive [print this page] Markets zig-zag but close on the positive
Following yesterday's technical close above its 200-day moving average, regarded as a great feat by many investors, the S&P 500 posts a nominal gain of less than 5 points on the mostly flat day. The other major markets we're off early in the day, but pared their losses as oil gained and natural gas gave.
Earlier today, BP announced the company will suspend its $2.6B dividend for the rest of the year and after a meeting with President Barak Obama, agreed to sock away $20B in cash into an escrow fund to compensate victims of the oil spill. Is it too little too late, or more than enough to cover the oil behemoth's summer spill blunder? Let us know what you think at editor@worldmarketmeda.com, or post a comment below.
Despite the mess, the energy sector was generally trading on the positive side today, while government housing data suggested continued weakened demand could hamper our countries recovery. Construction of homes and apartments fell 10% from a month earlier to an annual rate of 593K, strikingly below the 650K economists had predicted.
In our MicroandNanoCapindices, some top performers included MagnaGas, AugmeTechnologiesand Nautilus,as the companies released favorable news.
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