KANASAI LOH US DOWNNNNNNN 100+++ points,
Come Monday will be another ANG ANG ....
Should I cut my rce cap and reserve some cash, DILEMMA...
NEW YORK: US stocks plunged into the red Friday after blue-ribbon investment bank Goldman Sachs was charged with misleading investors. News that the Securities and Exchange Commission (SEC) has brought civil fraud charges against the Wall Street giant sent all major US indices plummeting, with financial firms hit the hardest. The Dow Jones Industrial Average tumbled 125.91 points (1.13 per cent) to 11,018.66 points. The selloff snapped a six-session winning streak that had driven the Dow to a fresh 18-month high. The tech-rich Nasdaq composite slid 34.43 points (1.37 per cent) to 2,481.26 and the broad-market Standard and Poor's 500 index shed 19.54 points (1.61 per cent) at 1,192.13. Early trading was mixed, but the SEC announcement, and its refusal to rule out further charges across the financial sector, sent shares in some of Wall Streets biggest firms deep into negative territory.
"The uneasiness is prompting traders to book profits from the recent multi-year highs in the major equity indices," analysts at Charles Schwab and Co said. Goldman Sachs dived 12.79 per cent to US$160.70, after falling as much as 15 per cent in intraday trade. The company rejected the SEC charges as "completely unfounded in law and fact" and would contest them. The SandP banking index lost 2.81 per cent, as Morgan Stanley tumbled 5.57 per cent, JPMorgan Chase lost 4.73 per cent, Citigroup dropped 5.20 per cent and Wells Fargo slid 2.83 pe rcent. "While selling was the worst among financials, more than 90 per cent of the stocks in the SandP 500 retreated into the red," Briefing.com analysts said in a client note. "Most market participants wanted to lock in profits after they had watched the SandP 500 climb nearly four per cent over the course of the previous 10 sessions." Trading got off to a subdued start despite larger-than-forecast increases in housing starts and building permits in March, as well as favorable earnings reports from Bank of America and General Electric. Bank of America, the biggest US bank by assets, plunged US$5.49 per cent to US$18.41 and GE fell 2.72 per cent to US$18.97. -- AFP