Friday, April 16, 2010

Stock Market Week in Review

Goldman and Sachs took a huge hit Friday down 12.79% as the SEC charged the financial goliath with subprime mortgage fraud.  Goldman and Sachs marketed and sold a shorted bond mortgage fund to customers even though they knew that the hedge fund was betting against the bond fund. The investors of the fund lost millions. The Wall Street Journal also reported that other financial institutions will be charged as well. The majority of the financial sector was down today.
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Economic News

Bad news for the housing market as foreclosure rates reach a five year high. The rate increased 16% for the first quarter of 2010 compared to the first quarter of 2009. This will continue to put loan loss pressure on banks and keep the housing market a buyer’s market.

New housing starts increased more than expected moving up 1.6%.

New jobless claims unexpectedly rise by 24,000 up to 484,000. This report confirms previous beliefs that the job market would be a long slow recovery.

Markets and Equities

Last Friday Close
Close Friday, April 16
% Gain / Loss
S&P 500

Widepoint (WYY) is a penny stock with a lot of potential that was featured on stocklook a few months ago was up last week 17.50% after positive earnings and up 8.51% this week for a total of 26.01% in a two week span. Article

Intel (INTC) Reported strong earnings this week beating analyst estimates. The stock is up 16.53% since my report where I picked INTC over AMD which also beat analyst estimates and has fared well since my report. Article

1 comment:

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