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Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are lower as global markets slump and investors worry about recession
Investors pulled away from stocks again on Monday as conflicting signs emerged about the direction the economy is taking.
Oil prices fell $2.53 to $64.20 on the New York Mercantile Exchange as traders bet that continued weakness in the economy would crimp demand. But stocks pulled off their lowest levels after a trade group reported that its index of services industry activity rose to its best level in nine months in June.
Investors are cautious after a strong rally in stocks since March, fearing that they might have been too optimistic in their expectations about how soon the economy can recover from the recession that began in December 2007.
Oil hovered around $64 a barrel on the growing belief that the economy won’t be strong enough to lift demand as much as expected. Oil had been steadily rising in recent months on growing expectations that the economy was going to be stronger. Last week, oil hit an eight-month high above $73.
In other economic news, the Institute for Supply Management’s services index rose to 47 in June from 44 in May. Economists polled by Thomson Reuters had expected a reading of 45.5.
However the better-than-expected report wasn’t enough to assuage the growing doubts about the economy following disappointing reports last week on consumer confidence and deep job cuts for June.
In early trading, the Dow Jones industrial average fell 62.88, or 0.8 percent, to 8,217.86. The broader Standard & Poor’s 500 index fell 8.36, or 0.9 percent, to 888.06. The Nasdaq composite index fell 24.76, or 1.4 percent, to 1,771.76.
Friday’s Top Performing Small Cap stock:
GWS Technologies, Inc. (OTC BB: GWSC) was a SmallCapVoice.com top performer closing up over 11% on trading volume of 43,177 shares.
SmallCapSentinel.com announced the release of a profile featuring emerging solar company GWS Technologies and of interest to investors of Clean and Alternative Energy leaders Akeena Solar, Inc. (Nasdaq: AKNS), Clean Energy Fuels Corp. (Nasdaq: CLNE), FLIR Systems, Inc. (Nasdaq: FLIR), Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), Raser Technologies, Inc. (NYSE: RZ), and World Energy Solutions, Inc. (Nasdaq: XWES).
Today’s SmallCapVoice.com Hot Stock to Watch:
HearAtLast Holdings, Inc. (Pink Sheets: HRAL)
HearAtLast Holdings, Inc., a leading provider of suitable affordable solutions to clients with hearing needs in the billion dollar hearing loss market, announced it will be developing 25 new Hearing Store locations in various markets in the USA and Canada. These new locations will be by way of a joint venture agreement between certain Joint Venture Partners and HearAtLast Holdings, Inc.
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