Stocks retreated Friday for the third straight day on fresh concerns about President Barack Obama's proposed restrictions on banks.
The market is extending losses that gave the Dow Jones industrial average its biggest two-day drop since June. Not even upbeat earnings from General Electric and McDonald's were able to offset the new worries.
Obama spooked the market Thursday after asking Congress for limits on how large big banks can be and to end some of the risky trading large financial companies have used in recent quarters to boost profits.
In morning trading, the Dow Jones industrial average fell 27.89, or 0.3 percent, to 10,361.99. The Standard & Poor's 500 index fell 4.25, or 0.4 percent, to 1,112.23, while the Nasdaq composite index declined 10.19, or 0.5 percent, to 2,255.51.
Yesterday’s Top Performing Small Cap stock:
Vega Promotional Systems Inc. (Pink Sheets: VGPR) was a SmallCapVoice.com top performer yesterday closing up over 7% on trading volume of 1,091,411 shares
Vega Promotional Systems Inc. engages in the production and sale of biofuel products worldwide. The Company manufactures energy efficient pellet fuel made from organic waste by-products. It offers bio-mass and bio-diesel products for power generation units.
Today’s SmallCapVoice.com Hot Stock to Watch:
Andes Gold Corporation (Pink Sheets: AGCZ)
Andes Gold Corporation announced today that it is ahead of schedule developing its new Roman Mine.
The company is pleased to announce that the company's exploratory crews are advancing 4.5 meters per day, intersecting the Azul vein which is showing 50 cmt wide and producing at 9 grams per ton of gold.
"The development of the new Roman Mine is well ahead of schedule," stated Alex Diaz, President of Andes Gold. Further more "The exploration team is working around the clock doing three blasts per shift to reach the Miranda vein 150 meters further down, we anticipate intersection with the Miranda vein in the next 30 days," added Mr. Diaz.
Andes Gold Corporation is a gold producing and exploration company with operations in Ecuador, (South America). In the post market melt-down of 2008 the world took shelter in the security of gold pushing the value to over $1,100 USD per ounce by January 2010. Producing gold properties such as Andes Gold will continue to enjoy increased prosperity which can only improve if the price continues to climb.
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Stuart T. Smith