"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Tuesday, January 4, 2011

Market Wrap-up

Dow's up 20.43 (0.18%), NASDAQ's down 10.27 (0.38%) and S&P 500's down 1.67 (0.13%). But the news was good! What happened?
Well, your word for the day is "profit taking"[1]. Well, that and Morgan Stanley downgrading Supervalu Inc, because they think rising food costs[2] will grind away profit margins for the company. This idea seemed to take hold, driving down a number of other grocery stores as well (Kroger, Safeway, and Whole Foods, just to name a few). Oh, and commodities were down on profit taking{3], which helped pull down commodity stocks.
PepsiCo's efforts to "snackify" beverages and "drinkify" snacks[4] did not win it any points, as it closed down $0.34.
[1] Yes. The word for the day is two words. Deal with it.
[2] Not part of core inflation.
[3] Word of the day again.
[4] There's a relevant Pulp Fiction quote here. I won't quote it, because I'm trying to stay SFW, but you know what it is.
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