Stock Market News – Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Chevron (NYSE:CVX)
It’s being reported by the Wall St. Journal that 18 banks intentionally lowered their debt levels, including mega-lenders Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), and Morgan Stanley (NYSE:MS). According to the data released by the Federal Reserve Bank of New York, these 18 banks knowingly lowered these debt levels before the end of the last five quarters before reporting them publicly, by an average of 42%. The practice isn’t illegal, but is considered unethical because it can give investors a distorted view of the companies risk levels.
The stock market is on the rise today, and the Dow is once again closing in on the 11,000 milestone lead by rosy forecasts for Chevron (NYSE:CVX). The NASDAQ and S&P are also up for the last day of the week. The US Commerce Department released data today on wholesale inventories, which are up 0.6% in February and beat economists predictions of 0.3%.
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Sales from these wholesalers are also doing well for the eleventh consecutive month, up approximately 0.8%. The US dollar is down for the day, with the dollar index slipping roughly 0.7% despite the Greece situation continuing to weaken the Euros price. Fitch has recently lowered the credit rating of the Balkan country from BBB+ to BBB-, with a negative outlook in the future. The US Commerce Secretary is currently in China in an attempt to have the Chinese raise the value of the Yuan relative to USD, if not float it completely independent as a free trading currency. Currently the Yuan is set at an unnaturally low level to the dollar in order to increase exports from the Asian country to America.
Finally, it’s being reported that the recession has hit at least 33 states’ unemployment funds hard. The states have borrowed over $38 billion from the federal government to supplement their now-dry coffers, California being the most egregious debtor after borrowing close to $8.5 billion since the recession began. It is followed by New York and Michigan.
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