Thursday, June 17, 2010

DOW up 24.71

Dow up 24.71 to 10434.17
Nasdaq up 1.23 to 2307.16
S&P 500 up 1.43 to 1116.04

The Dow went up and was down for the bulk of the day except for the last 2 hours where it seemed to pull itself up again. The CEO of BP went in front of congress today and expressed how sorry he felt that the spill int he Gulf had happened as he faced heavy criticism. Gold hit another record high today as it seems to do whenever the market is looking at a bad Friday. Big news yesterday was that BP would be suspending its dividends to help pay for the relief to the Gulf. This hurts a lot of BP long term shareholders that depend on that dividend as they are retired. Oil is said to still be leaking at 60000 barrels a day which only makes thing worse for BP and the Gulf coast. It looks as if BP will eventually go bankrupt while trying to pay for all of the aftermath but only time will tell.

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