Tag - Hep

Small-cap stocks resumed the slide Tuesday, closing down 2.84%, unable to drift higher off soaring bank and financial stocks as worries about an economic slowdown put a damper on the consumer spending outlook and corporate profit projections. Small-cap gainers today included Broadwind Energy (OBB:BWEN), Holly Energy (NYSE:HEP) and Fauquier Bankshares (Nasdaq:FBSS). Other Market Watch highlights today included:

• Large-cap banks and financial institutions were the best performers today, boosted by news that the U.S. government will use $250 billion in taxpayer funds to purchase stock in select big banks.
• Treasury markets fell hard as the safe-haven push dulled amid strong gains in equities.
• At one point late Tuesday afternoon, the Russell was flirting with the third-largest one-day decline of 2008.
• The good news about the government buying big bank stocks was of little immediate solace to retailers, with the S&P Retail Index sinking nearly 4%.
• Crude oil futures turned lower, slipping about 2% back below $80 a barrel on concerns that a recession will demolish demand.
• BMO Capital’s Andy Busch told SmallCapInvestor.com that investors shouldn’t “get too excited by the upmove” today. “The Z factor,” or the unknown impact on companies’ sales or earnings, “will cap this rally as will the terrible . . .