Independent, Fee-Only Financial Advisor
Monday, April 26, 2010
Thanks to a strong profit report from Caterpillar, the Dow Jones Industrial Average managed to end just above the break-even point today. The financial sector took a tumble due to investors shying from big-name banks ahead of a Senate vote (expected this evening) on reforms that could require Wall Street firms to spin off their derivatives-trading desks if they want to receive federal assistance in future crises. Concerns over how aid will be structured to help Greece climb out of its budget deficit stirred up that country's financial markets, pushing the cost of insuring Greek debt against default to new records. The dollar strengthened against the euro but slipped versus the yen. DJIA +.75 Nasdaq -7.20 S&P 500 -5.23.