Stocks turned higher in early trading Thursday after mixed economic data and a cut in General Electric Co.'s credit rating.
Standard & Poor's said it is lowering GE's top rating one notch because of problems at the conglomerate's lending arm. GE -- the oldest component in the Dow Jones industrials -- was one of only six companies that had a "AAA" rating from S&P.
The move did not appear to surprise shareholders -- GE shares managed to trade in positive territory after the ratings cut. But the move nonetheless pointed out to the market that even the most stable U.S. companies are on shakier footing in the current economic environment.
Government data showed the economy continues to deteriorate. The Labor Department said first-time claims for unemployment benefits rose to 654,000 from the previous week's figure of 639,000, more than analysts' expectations.
The Commerce Department said retail sales fell by 0.1 percent in February -- less than the 0.5 percent drop economists predicted, but the seventh decline in eight months.
In midmorning trading, the Dow Jones industrial average rose 22.06, or 0.32 percent, at 6,952.46, after falling in earlier trading. Broader stock indicators were mixed. The Standard & Poor's 500 index rose 2.42, or 0.34 percent, to 723.78, and the Nasdaq composite index fell 2.16, or 0.16 percent, to 1,369.48.
Yesterday’s Top Performing SmallCapVoice.com stock:
GreenChek Technologies Inc. (OTC BB: GCHK) was a SmallCapVoice.com top performer moving up over 23% on trading volume of 85,063 shares.
GreenChek Technologies Inc., a leading globally focused provider of hydrogen based technology for mobile transportation and stationary power generation applications, is pleased to announced today the release of the ERD 2.0.
GreenChek has achieved advances in our hydrogen based emission reduction technology. The ERD 2.0 requires less maintenance and increases our ability to link units together in a modular format for greater efficiency. The ability to link units together contribute to further fuel cost savings and greater emission reduction, at the same time maintaining durability and overall quality to ensure that the systems have a long life. “We are very pleased with our ERD development,” stated Lincoln Parke, President of GreenChek. “This opens the door for GreenChek to implement its fuel saving and emission reduction technology to a wider range of vertical markets, in the future.”
Today’s SmallCapVoice.com Hot Stocks to Watch:
Ronn Motor Company, Inc. (Pink Sheets: RNNM)
On Tuesday, March 10, 2009, California Governor Arnold Schwarzenegger test drove Ronn Motor Company's acclaimed Scorpion(TM), a hydrogen assisted eco-exotic sports car capable of hitting 40 miles per gallon and 200 miles per hour. The test drive with Ronn Motor's founder and CEO Ronn Maxwell in the passenger seat, came after Schwarzenegger read a recent article in Men's Journal which proclaimed the Scorpion(TM) as "God's Own Supercar."
During the press conference, the governor talked about his ongoing support of small boutique companies such as Ronn Motor Company, which are developing much needed alternative energy technologies so that America can reclaim its leadership in the automotive industry. Schwarzenegger asserted his desire that the Big 3 auto makers take more initiative in alternative energy solutions that are good for the country. The Governor also stated that he was pleased with Ronn Motor Company for creating new jobs and opportunities for California.
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