The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grew pessimistic about the health of banks, and in turn the economy.
Investors are again fleeing stocks in response to bad news about financial companies. The government said it would give American International Group Inc. another $30 billion in loans, in addition to the $150 billion it has already given the insurer. AIG also said it lost a record $61.7 billion in the fourth quarter.
Investors are worried about European financial companies, too. HSBC PLC, Europe's largest bank by market value, reported a 70 percent drop in 2008 profit and said it needs to raise $17.7 billion and cut 6,100 jobs.
Better-than-expected government data on Monday showing that personal spending rose 0.6 percent in January and incomes rose 0.4 percent helped stock futures pare losses. But the report was not enough to push stock futures into positive territory.
In the first half-hour of trading, the Dow Jones industrial average fell 110.31, or 1.56 percent, to 6,952.62. Broader stock indicators also fell. The Standard & Poor's 500 index fell 12.63, or 1.72 percent, to 722.46, and the Nasdaq composite index fell 17.50, or 1.27 percent, to 1,360.34.
Yesterday’s Top Performing SmallCapVoice.com stock:
Access Beverage, Inc. (Pink Sheets: ABVI) was a SmallCapVoice.com top performer moving up over 8% on trading volume of 122,800 shares.
SmallCapVoice.com, Inc. announced that a new audio interview featuring, Access Beverage, Inc. is now available at SmallCapVoice.com. The interview can be heard here at http://smallcapvoice.com/blog/2-24-09-audio-interview-with-access-beverage-inc-otcpk-abvi/. For a complete investor fact sheet on Access Beverage visit http://www.smallcapvoice.com/abvi/factsheet.html.
Founded in 2003, Access Beverage Inc. engages in the manufacturing, marketing, and sale of wine and spirit brands, in the United States with future brands planned for launch in China, Canada and Russia. Flagship brands include: Le Snoot™, Mardi Gras™ and Bees Knees™ wines, and Simply RAW Vodka™. The Company distributes its products through wholesale distributors, as well as alcoholic beverage control agencies in the United States.
Atlantic Energy Solutions, Inc. (Pink Sheets: AESO) was a SmallCapVoice.com top performer moving up over 8% on trading volume of 42,378 shares.
Atlantic Energy Solutions is a globally accredited Energy Efficiency and Resource Company and a member of NAESCO that identifies, implements, and finances energy efficiency projects designed to improve the overall efficiency of energy, water usage and renewable resources, reducing our dependency on foreign oil and diminishing our carbon footprint. Headquartered in Saratoga Springs, NY and with a satellite office in Fairfield, NJ, Atlantic Energy Solutions assesses the energy demands and usages of municipal, corporate and industrial complexes to improve conservation and apply measures to bolster savings at the consumer level.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Omega Commercial Finance Corporation (OTC BB: OCFN)
Omega Commercial Finance Corporation has entered into a Definitive Agreement with BBB Developments Mexico and has upon closing will acquire 100% ownership of 3.9 acres of beachfront property located in Puerto Penasco (Rocky Point), Mexico, in a Share Exchange Agreement.
As previously stated, Puerto Penasco (Rocky Point) is a majestic beach resort community located at the base of the Sea of Cortez (Gulf of California), Mexico, and can be found in the same geographical region as Cabo San Lucas. The Mexican city is a short 3 hour drive from the Phoenix/Tucson, AZ. area and is ideal for people living in southwest areas of the U.S. who are looking for a quick vacation destination without the hassles of flights or long travel itineraries. The Los Corales Resort, a 298 unit high-rise hotel/condo beach resort located on prime beachfront property, is currently 30% sold out with all purchasers going to contract and fully executing their obligations. Because the units are strategically being sold at 20-30% below current market value, it is highly anticipated that most units will be sold by the conclusion of this year.
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About SmallCapVoice.com
SmallCapVoice.com is a recognized corporate investor relations firm, with clients nationwide. Known for its ability to help emerging growth companies build a following among retail and institutional investors, SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its client's financial news releases. SmallCapVoice.com also offers individual investors with all the tools they need to make informed decisions about the stocks they are interested in. Tools like our stock charts, stock alerts, and our investor fact sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets.
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