Stocks fell Monday, sending the Dow Jones industrial average down by about 100 points. Overseas markets also pulled back.
The government is expected to announce as early as Monday which banks will be allowed to return bailout funds. JPMorgan Chase & Co., Goldman Sachs Group Inc. and American Express Co. are expected to get approval to repay their loans, according to The Washington Post.
Other banks that were told by the government last month to raise funds to help protect against a potential worsening in the economy must submit plans Monday about how they are raising that capital.
Investors are also booking some gains from the market's three-month rally as concerns linger about the economy. The Standard & Poor's 500 index has surged 39 percent from a 12-year low on March 9. Interest rates on government bonds are higher and oil prices are near six-month highs.
In early trading, the Dow fell 95.68, or 1.1 percent, to 8,667.45. The broader Standard & Poor's 500 index fell 10.20, or 1.1 percent, to 929.89, and the Nasdaq composite index fell 23.66, or 1.3 percent, to 1,825.76.
Yesterday’s Top Performing Small Cap stock:
Alkane, Inc. (Pink Sheets: ALKN) was a SmallCapVoice.com top performer moving up over 20% on trading volume of 53,249 shares.
Alkane, Inc. is dedicated to the development and sales of alternative fuels and additives which reduce the cost of operating and maintaining vehicles. Additional benefits of Alkane, Inc.’s product offerings include positive environmental impact through the reduction of harmful emissions and a lessened U.S. dependence on foreign oil due to a decrease in crude oil dependent diesel fuel consumption.
Octus Energy (OTC BB: OCTI) was a SmallCapVoice.com top performer moving up over 23% on trading volume of 35,300 shares.
Octus Energy is a smart energy management company headquartered in Davis, California. Octus intends to develop, market and sell energy-efficient lighting and cooling solutions that enable public sector and private organizations to significantly reduce their energy expenses. The company intends to deliver solutions through OctusSEP (Smart Energy Platform), a turnkey energy savings and demand response management program.
Today’s SmallCapVoice.com Hot Stock to Watch:
ZAGG, Inc. (OTC BB: ZAGG)
ZAGG Inc., announces they have signed a distribution agreement with Target Corporation. (NYSE: TGT). Beginning this week, over 1,000 Target stores nationwide will sell ZAGG’s invisibleSHIELD™, a tough, ultra-thin clear film that protects personal electronics from scratches and nicks.
Target, a major U.S. retailer and trendsetter, will offer five of ZAGG’s most popular invisibleSHIELD designs, including custom-made shields for Apple’s iPhone 3G, iPod touch, and iPod nano. ZAGG’s invisibleSHIELD offers consumers an alternative to bulky cases with thousands of precision-cut designs for a multitude of gadgets, including cell phones, digital cameras and laptops.
The invisibleSHIELD is created from an exclusive, ultra-tough patented film originally designed for the U.S. military to protect helicopter blades from wind, sand, and the wear and tear of high-speed travel. Combining military-grade scratch protection with precision-cut designs, the invisibleSHIELD, backed by a lifetime guarantee, allows customers to use their electronics without the fear of scratches or nicks.
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