Retail Sales Smacked, Stocks Down, Bush Assures Taxpayers

The lowest retail sales figure since 2005 disappointed the stock market today resulting in another aggressive sell off. President Bush assured the American tax payers that they can expect to get the Federal bank bailout money back and potentially earn a profit. However, this and a clear plan to solve the crisis did little to stem the bubbling undercurrent of fear gripping the marketplace. Bearish market breadth and dramatic volatility are becoming the flavor of October with the DJIA collapsing -734.75 to 8576.24, the Nasdaq giving up -150.68 to 1628.33 and the broad based S&P 500 dropping -90.17 to 907.84.

Noble Corp (NE | Quote | Chart | News | PowerRating) — The oil company fell 20.99% or $6.88 to $25.90/share after oil dipped below $75.00 to the lowest price in over a year leading the entire sector lower.

Visa (V | Quote | Chart | News | PowerRating) — Gave back 14.34% or $8.26 to $49.35/share on collapsing retail sales figures and weakened consumer demand.

Coca Cola (KO | Quote | Chart | News | PowerRating) — Bucked the downtrend climbing 1.39% or 0.43 cents to $44.16/share after beating analyst’s estimates.

Callaway Golf (ELY | Quote | Chart | News | PowerRating) — Was driven down 19.97% or $2.37 to $9.50/share after being downgraded by Wachovia due to the global economic slowdown.

Oil fell $4.34 to $74.29, gold gained $7.30 to $846.80 and the fear index VIX added 24.92% to 68.87.

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