What Happened In The Market Today…3 Feb 09

What’s Happening In The Market Now..

• Stocks popped up at the open this morning after Citigroup (C) announced a $36.5 billion lending plan.
  
• Consumers frightened by the prospect of losing their jobs stayed away from auto showrooms again in January and sent U.S. car and truck sales falling 37 percent.
• The National Association of Realtors said buyers stepped in to snap up properties at steep discounts in December, especially in the South and Midwest. Its seasonally adjusted index of pending sales for preowned homes rose 6.3 percent in the final month of the year from revised figures in November.
• Earnings continue to produce mixed results and economic data has been mostly poor.
  
• The dollar was mixed against other major currencies and gold prices rose while crude was off slightly in early trading.
  
• Sectors starting the day out strong include electric communications and equipment, motorcycle manufacturing, homebuilding and agricultural products while consumer electronics, computer storage & peripherals, home entertainment software and REITs are down.
  
• Volume leaders include Wells Fargo & Co (WFC), Intel Corp (INTC), Pfizer Inc (PFE), Macy's Inc (M) and Dow Chemical Co (DOW).