In the United States, gasoline prices at the pump fell by more than 1 cent overnight to $1.989 nationally. It’s the lowest level since early 2005, according to auto club AAA.
David Goldman and Aaron Smith, for CNNMoney report that the nationwide average price dropped to $1.989 a gallon, down from $2.02 on Thursday. Gas has gone from a record $4.11 and back down to $2.00. For the first time since March 2005, we are enjoying the lows once again. One analyst is calling for a nationwide low of $1.75.
Citigroup (C) is another stock whose fall is unstoppable, and with shares below $5 for the first time in 13 years, the pressure is on and Chief Executive Vikram Pandit may have to step down.
By falling below $5, many mutual funds and institutional investors – in particular pension funds — must unload shares of Citigroup to comply with investment guidelines, reports CNBC . Reports that a strategy is in place with a possible merger or cash raising tactic may help raise the firm’s stock price, but the company denies this. Pandit blames “rumor mongering” on the problems, and says that the company’s capital position is very strong, reports Henry Blodget for Tech Ticker.
