The bear came back today after a long nap. Financial stocks led the DJIA lower today on three key pieces of news, not at all tied to each. Some may call today profit taking, some might be disappointed that the ECB and UK didn't give any concessions on overnight interest rates. Oil was up over $1.00 and back over the $120 mark. But no matter how you call the day, it looked like another day of Chinese Water Torture in another bear market.Below are today's unofficial closing bell levels:
D.J.I.A. 11,431.19 -224.88 -1.93%
NASDAQ 2,355.73 -22.64 -0.95%
S&P 500 1,266.14 -23.05 -1.79%
10YR T-Bond 3.935% -0.113%
52-Week Lows
Top Analyst Upgrades
Top Analyst Downgrades
American Express Company (NYSE: AXP) was another huge loser after Moody's put the credit card operation debt on negative credit watch. As that affects some $89 Billion in securities and deposits, you know this makes people nervous even if the debt ratings agencies have proven to be as worthless as gold to a dead man. Shares were down almost 5% at $36.06 in today's final minutes.
American International Group (NYSE: AIG) was the worst earnings report of any of the DJIA components. The third consecutive quarter with losses was far worse than any had expected as the company continued write-downs in a never-ending saga. Shares were down over 18% at $23.64 in today's final minutes. Maybe they should take the little kids out of their commercials.
Citigroup, Inc. (NYSE: C) was another big DJIA drop component as it entered into a huge multi-billion dollar settlement over Auction Rate Securities. That will cause additional charges, and shares were down almost 7% at $18.40 in today's final minutes of trading.
Wal-Mart Stores Inc. (NYSE: WMT) was a big disappointment today as same store sales in July, as well as the company's comments, showed that Joe Q. Public was tapped out. Shares were down 6% at $56.97 in today's final minutes.
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Reader Comments (Page 1 of 1)
8-08-2008 @ 12:06AM
Vinny said...
So the Dow is down, & the DOW is up & the DOW is down so who gives a s***. It doesn't matter to 98% of Americans but we are fed that crap 10 times a day as if it mattered.
I'm just tired of the politics and the "Media' games and the 'what if's' and I've decided not to vote at all because it simply doesn't matter when the whole political system is corrupt to the core. The Clintons make me want to puke with their struggle to seize power regardless of what's good for the country. Bill Clinton and Hillary are both political whores and now we see them in their true form. Their millions doesn't matter in their quest for POWER and now after she spent money she didn't have she wants Obama to pay it back for her. What a bitch !!! I pity New Yorkers for having her to represent them. Time she and Bill hung it up. They have lost ALL the respect people had for them in the past by their selfish actions and pouting when they can't have their way.
8-08-2008 @ 2:51AM
Dan Barnett said...
Vinny,
Dude, this is a Financial News Site. You're going to get financial news here. If you're sick of reading about the DOW (some of us call it DJI), don't read these posts.
Now Bill Clinton HASN'T BEEN PRESIDENT FOR 8 YEARS. Holding on to such anger as you show can't be healthy. Don't you think it is time you got over him & moved on?
It's late, go to bed, you'll feel better in the morning.