Mid-Day Recap: Stocks Struggle to Maintain 9-Day Rally

by devteam July 24th, 2009 | Share


Federal Reserve chairman Ben Bernanke made it clear earlier in the week that the central bank wouldn’t be taking the punch bowl away any time soon, but more talk of increased regulation from Treasury Secretary Tim Geithner appears to be scaring off investors from getting tipsy on the punch anyway, sharply halting a nine-day rally.

Halfway through the trading session, all major US stock indexes are in the red. The Nasdaq is faring the worse, trading 0.97% lower at 1954, while the S&P 500 has dropped 0.27% to 973. The Dow, which yesterday passed the 9000 mark for the first time since January, is trading 0.17% lower at 9055.

In addition to Geithner’s testimony, disappointing earnings helped stop the rally in its upward tracks, while the only data point of the day â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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