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Market Wrap: H-P's Leo 'Out'-potheker; FOMC Does the Twist; Banks Not on Moody's Good Side; iPhone 5 News!

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September 21, 2011 5:57 PM EDT
Market wrap-up for September 21st.

End of the Day: Dow down 284 to 11,124.84; Nasdaq down 52 to 2,538.19; S&P 500 down 35 to 1166.76

The following is a brief summary of events moving markets today:
  • Meet former H-P CEO Leo 'Out'-potheker: Hewlett-Packard's (NYSE: HPQ) Board may be considering removing CEO Leo Apotheker less than a year into his tenure, reports said Wednesday. On the news, H-P shares popped about 13 percent.

  • Twist and shout!: Ben Bernanke and company affirmed plans to change the composition of the Fed balance sheet. In other words, "Operation Twist" is in full effect. Click here for more color.

    The FOMC intends to purchase, by the end of June 2012, $400 billion of Treasury securities with remaining maturities of 6 years to 30 years and to sell an equal amount of Treasury securities with remaining maturities of 3 years or less.

  • Moody's continues cuts, now with banks: Moody's cut some of its ratings on three major financials today: Bank of America (NYSE: BAC), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC). Many of the institutions protested the move, saying Moody's was rating them based on factors out of their control (i.e. - Basel III). Click here for more color.

  • Goldman getting sacked: The Goldman Sachs Group, Inc. (NYSE: GS), has closed below $100 for the first time since March 2009, or over two-and-a-half years ago. Goldman stock dipped below $100 earlier in September, but managed to rebound to close above $100 on that session. Weakness in the financials is taking it's toll on Wall Street, as can be seen in headlines today.

  • Stop panting... The iPhone 5's coming: Reports across the web today have Apple's (Nasdaq: AAPL) iPhone 5 set to debut October 5th.

  • Foreclosure sales up, other down: Existing home sales rose 7.7 percent in August to an annual rate of 5.03 million, beating expectations calling for a more modest increase to 4.75 million. Of the total, distressed sales saw a 2 point increase to account for 31 percent of all sales.
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