News
ONN.tv Reports: Regional Banks Lower on Goldman Sachs Report
CHICAGO-(Business Wire)-June 18, 2008 - OptionsNews, the daily news program on www.onn.tv, today reported on the following companies:
The credit crisis finally came home for the regional banks yesterday after Goldman Sachs (GS) released a report saying that they'd have to increase capital. All twelve regional banks in the S&P 500 were down yesterday, and the XLF, the ETF that tracks the financial sector, is down 20% this year compared to an 8% drop in the S&P 500. The RKH, which is the ETF that tracks the regional banks, was down over 3% yesterday to just off its 52-week low, and down over 38% from its 52-week high.
Oil eased again overnight in Asia to $133.58 a barrel, despite the fact that most analysts are expecting a negative report from the U.S. government saying there has been a drop in crude oil inventories. This news has apparently been countered by reports from Saudi officials that their government is considering increasing oil output by 200,000 barrels a day, or about 2%. This follows an increase of 300,000 barrels a day last month.
The three major indexes all fell yesterday amid the negative news surrounding banks and new data showing that the price of oil is starting to have a real and deep affect on the economy. The Producers Price Index, also known as the PPI, jumped an astounding 1.4%, the highest rise since November, while the core PPI, which strips volatile food and energy prices, only rose 0.2%. The Dow fell over 108 points yesterday, while the fell over 9 points and the Nasdaq composite fell 17 points.
See the full video report at http://link.brightcove.com/services/link/bcpid1488654888/bctid16147663 43 (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
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