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2010-03-20

2010-03-16

2010-01-19

Agriculture

Lifestyles

Tuesday, January 26, 2010 7:42 PM

Markets, Jan. 26, 2010

NEW YORK (AP) — Stocks gave up a healthy advance and closed slightly lower Tuesday as investors suffered another bout of anxiety over President Barack Obama’s plan to regulate banks.

The Dow Jones industrial average, up 90 points in the early afternoon, closed with a loss of 2.57. The other major indexes also were down modestly.

Uneasiness about Obama’s plan to limit the size and trading operations of big banks pulled financial stocks and then the entire market lower. News reports that Paul Volcker, the head of the President’s Economic Recovery Advisory Board, would testify about the plan before Congress next week, contributed to the market’s turnaround.

The drop was the market’s fifth in seven days, and the fact that it came shortly before the closing bell showed how uneasy investors are; last-hour pullbacks were the hallmark of a troubled market during the financial crisis of 2008.

Obama’s announcement of his plan last week helped give the market its worst week in 10 months. Traders said some investors had started to regard the proposals as political bluster before the latest reports dashed those hopes.

“There is maybe more than just a bark. Maybe this thing does have a bite,” said Dan Deming, a trader with Stutland Equities in Chicago.

Even banks seen as strong like JPMorgan Chase & Co. and Goldman Sachs Group Inc. fell sharply.

LOCAL GRAIN

Ottawa Co-op’s quotations for Tuesday afternoon at Ottawa were: hard wheat, 4.10; soybeans, 9.08; corn, 3.19; milo, 2.79.

Posted county prices for grains at Franklin County’s USDA Farm Service Agency were: corn, 3.33, none; milo, 4.86, none; oats, 2.19, none; soybeans, 9.00, none; wheat, 4.21, none.

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Markets, Jan. 26, 2010

E-mail this story to a friend | Print this article | Enjoy the convenience of home delivery of The Ottawa Herald.

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