Fresh off the plane from a quick round at PDAC - I immediately knew what the investing world is going to look like in 2009 - resources & resources.
Stocks tumble as investors worry about banks, GM
Stocks resume steep slide as brief optimism fades amid lack of positive news
NEW YORK (AP) -- Investors fled Wall Street as fear grew about the stability of the nation's largest banks and worries mounted about General Motors Corp.
The major market indicators resumed their slide Thursday after a one-day rally, falling to levels not seen in more than a decade as investors contended with more disheartening economic data, new concerns about the stability of GM and ongoing uncertainty about the financial system. The Dow Jones industrial average fell more than 250 points, and the big indexes were all down more than 3 percent.
Stocks fell across the board, with the beleaguere banking sector posting some of the steepest losses. Shares of Citigroup Inc., still shaky despite receiving billions in government aid, at times sank below $1. General Motors, meanwhile, dropped below $2 as it warned of possible bankruptcy.
The market is also extremely anxious ahead of Friday's February Labor Department report that is likely to show the loss of hundreds of thousands of jobs. Even some positive news, including some better-than-expected retail sales and factory orders, was not enough to stoke investor confidence.
The reports failed to show a significant improvement and so the market gave back its big gain from Wednesday, said Doreen Mogavero, president of brokerage Mogavero, Lee & Co.
"The economic data is still obviously a huge worry," she said. "I don't think anyone thinks we're in the clear because the market was up yesterday."
But beyond the bad economic data, investors who had placed their hopes in the Obama administration to pull the country out of recession are worried that Washington's efforts will fall short.
"Everyone knows that the economy is bad, so I don't think that's the problem here," said Eric Ross, director of U.S. research at brokerage Canaccord Adams. "The government clearly doesn't have a solution."
TNR Gold Corp announced excellent overall update plans and things look bright for creative juniors - now is definitely survival of the fittest.
Goldcorp's McEwan puts up more money for Minera Andes, closing rest of the $40 million private placement at $1/share now (instead of initial $0.33) - MAI jumps.
I think there's a strong possibility he will find out more about junior miner TNR GOLD CORP and acquire it for a tidy $5 million or so, would be interesting if majority shareholder group in TNR will allow that to happen??
After all, 1/8 of $497 million NPV is not bad for a company trading at 77 million shares outstanding at $0.06 - that's only a mere $4.62 million market cap! We haven't even factored the rest of the Alaskan projects into account and El Salto/Tapau , etc!
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The Hunt for Green and Sustainable Energy
TBA
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