Stockhouse @ the Bell: Wall Street stumbles on bank stock withdrawals

Today on Stockhouse

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Can the stock market rally climb a higher wall of worry? asks Sy Harding.

China Exchange Traded Fund (FXI) rises off its double bottom, says Stanley Barnes of Oxbury Research.

Sharp rebound in the gold price could be coming soon, notes Boris Sobolev.

UPS put buying rises, explains Jud Pyle.

Chinese micro cap stock could yield a bountiful harvest, from AllPennyStocks.com.

For more articles on gold and silver, please visit the Stockhouse gold & silver feature supplement: https://www.stockhousefeatures.com/gold-and-silver/

Buzz on the Boards stopped by the Precision Drilling Trust (TSX: PD.UN, Stock Forum and Timminco (TSX: T.TIM, Stock Forum) Bullboards.

Top Bullboards post: “I think the DOW is gonna correct this week. There's been too much speculation, and a disparity between the markets' expectations, and economic data. I have no idea when it'll bottom. But I think it'll be a nasty fall [sic].” – From knowsnothing613 on the Mercator Minerals (TSX: T.ML, Stock Forum) Bullboard.

Top Bullboard: Hathor Exploration (TSX: V.HAT, Stock Forum)had today’s most posted Bullboard.

Top blog: Risktaker77 discussed Baffinland Iron Mines and Globestar Mining Corp. on the Risky Picks blog Monday.

For news about small stocks that made big moves in Monday trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

"We may be through the worst of the crisis, but the crisis continues nonetheless," Cantor Fitzgerald strategist Marc Pado told MarketWatch.

Today In The Markets

TSX drops more than 300 points as oil tumbles, U.S. bank hopes crumble

DJIA	7,841.73	-289.60
NASDAQ	1,608.21	-64.86
S&P500	832.39	-37.21
S&P/TSX	9,126.15	-311.50
S&P/TSX Venture	975.43	-13.80

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TORONTO, NEW YORK (CP) - Stock markets dropped heavily on Monday as crude oil prices fell to the lowest level since mid-March and fears grew that big American banks are imperiled by swelling bad debts.

Toronto's S&P/TSX composite index fell 311.50 points to 9,126.15, with the energy and base metals sectors contributing most to the drag. The TSX Venture Exchange ended down 13.80 points to 975.43.

Wall Street's Dow Jones industrial average dropped 289.60 points to 7,841.73. The Nasdaq composite index moved down 64.86 points to 1,608.21 and the S&P 500 index dipped 37.21 points to 832.39.

Please click here for the current U.S. and Canadian market summaries.

After-Hours News

International Business Machines (NYSE: IBM)
After Monday’s close, the tech giant said its first-quarter net income was $2.3 billion, or $1.71 a share, compared with $2.32 billion, or $1.67 share, in the year-ago period. Revenue fell 11% to $21.7 billion. Excluding the impact of foreign currency, the company said revenue fell 4% for the quarter. Analysts expected earnings of $1.67 a share on revenue of $22.5 billion.

Canadian National Railway (TSX: T.CNR)
The railway operator, after Monday’s closing bell, posted a first-quarter net profit of $424 million, or 90 cents a share, compared with $311 million, or 64 cents a share, during the same quarter a year ago. The profit would have been $302 million, or 64 cents share, without one-time items such as a $157 million gain from selling a rail corridor to the Toronto area's transit operator and a tax recovery. Revenue for the quarter was $1.86 billion, down from $1.93 billion. Analysts expected a profit of 60 cents a share before any items.