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Stocks are off sharply as investors grow concerned about the financial sector
Investors are having doubts about banks' profit reports and wondering whether their better-than-expected performance mask larger problems with bad debt.
Stocks fell sharply early Monday as investors sold financial stocks and locked in profits after a six-week rally. The major indexes slid more than 2.5 percent, including the Dow Jones industrial average, which fell 200 points.
Worries about the financial industry overshadowed Oracle Corp.'s announcement that it would acquire Sun Microsystems Inc. for $7.4 billion and a $6 billion bid by PepsiCo Inc. to buy its two biggest bottlers.
The news came at the start of the busiest week yet for companies reporting results from the first three months of the year. Investors are looking for signals that a rally from 12-year lows in early March can continue.
In midmorning trading, the Dow fell 208.12, or 2.6 percent, to 7,923.21. Broader stock indicators also lost ground. The Standard & Poor's 500 index fell 24.95, or 2.9 percent, to 844.65, and the Nasdaq composite index fell 51.04, or 3.1 percent, to 1,622.03.
Yesterday’s Top Performing SmallCapVoice.com stocks:
Defense Solutions, Inc. (OTC BB: DFSH) was a SmallCapVoice.com top performer moving up over106% on trading volume of 896,529 shares.
Today’s SmallCapVoice.com Hot Stock to Watch:
Alkane, Inc. (Pink Sheets: ALKN)
SmallCapVoice.com, Inc. announced today that a new audio interview featuring, Alkane, Inc. is now available. The interview can be heard here at http://smallcapvoice.com/blog/4-16-09-audio-interview-with-alkane-inc-otcpk-alkn/.
Dr. Mat Zuckerman, Chief Executive Officer and President of Alkane, Inc., stated, “We are very proud of the Monster Diesel™ product and excited to have the opportunity to share this news with shareholders and the potential new investor base provided by SmallCapVoice.com.”
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