Monday, February 11, 2008

Up Monday for stocks

Stocks started the week up, first time in awhile. Dow was up 57, however advancers were only slightly ahead of decliners & NAZ was up 15. This was a fairly good day despite the unpleasant news about AIG having major worries about bad debts, down 5.94. There are still plenty of problems with the economy: bad loans, slow retail sales & housing in the worst slump in many years. There were 119 new 52 week lows including: AIG, MS, UBS, ALL, ING, HIB, CNA, HBC, AXA & WSH (most of this list are insurers & banks).

However, Dow will get 2 new companies next week, Chevron (CVX) & Bank of America (BAC). They will replace Honeywell (HON) & Altria (MO), formerly Philip Morris. Giving up MO will hurt, while not glamorous it has been one of the best performers in this decade when it started at 19.

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