STOCKS ARE A LITTLE TIRED AFTER A SIX-DAY STRETCH OF GAINS FOR THE DOW. FINANCIALS CONTINUE TO PULL BACK ... HEARINGS ON GOLDMAN'S SACHS' ALLEGED FRAUD ARE TAKING PLACE ON CAPITOL HILL AND THE EUROPEAN DEBT CRISIS IS INTENSIFYING ... WITH WORRIES THAT PORTUGAL IS THE NEXT FLAG TO FALL. DESPITE THAT ... TODAY'S PULLBACK AT THE OPENING BELL WAS ... ONCE AGAIN ... A MODEST ONE THANKS TO BETTER THAN EXPECTED PROFIT REPORTS FROM A HOST OF COMPANIES. MANY OF THOSE FIRMS ARE SAYING THE ECONOMY IS BETTER NOW AND WILL LIKELY GET BETTER THROUGHOUT THE YEAR. 3M AND FORD AND DU PONT AMONG THEM. AND HOME PRICES CONTINUED TO EDGE UP NATIONWIDE ... ACCORDING TO THE LATEST CASE-SHILLER INDEX REPORT RELEASED THIS MORNING.
MEANWHILE ... SIX GOLDMAN SACHS EXECUTIVES ... INCLUDING CEO LLOYD BLANKFEIN WILL TESTIFY BEFORE A CONGRESSIONAL COMMITTEE TO DENY THAT THEY EARNED ILL-GOTTEN GAINS BY BETTING AGAINST MORTGAGE-RELATED INVESTMENTS THEY SOLD TO INSTITUTIONAL INVESTORS. THE SEC HAS SUED GOLDMAN FOR FRAUD ... ALLEGING IT KNOWINGLY SOLD LOUSY INVESTMENTS AND PROFITED WHILE BETTING THEY WOULD FALL IN VALUE. |
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