There was a bit of a move up in the market today, but there was very little news to push sentiment one way or the other. Traders are too tired from the beating they have taken since Memorial Day.
NASDAQ: 2,382.46 +0.87%
S&P 500: 12.81.63 +0.8%
10 Year Bond 3.772% -0.0120
52-Week Lows
Short interest figures for stocks traded on both the NYSE and Nasdaq were released yesterday: Short sellers jumped out of both financials and big tech, signaling a possible turn up in those sectors.
Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) continued to rally, extending hopes they will not have to be bailed out by the government and that common shareholder will not be crushed. Late in the day Freddie was up 17% and Fannie 12%.
The drug and biotech sectors were ugly places to be today. Amylin (NASDAQ: AMLN) was down 26% on news of new deaths of users of one of its drugs. Cell Genesys (NASDAQ: CEGE) fell 73% after it halted clinical trials of a cancer treatment. Shares in NexMed (NASDAQ: NEXM) dropped over 80% as late stage trials had not done well for one of its products.
With oil moving up to $118 on worries over hurricane activity in the Gulf of Mexico, airline stocks were, of course, down. UAL (NASDAQ: UAUA) dropped 12% and NWA (NYSE: NWA) was off over 8%.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
8-28-2008 @ 9:47PM
Shaun said...
Looks like the market was mixed today. We will have to wait and see which direction it is going to go.
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