Today was one of those days where it felt like it would be an up-day and most traders were feeling good, but the last hour's trading came down so far so fast that traders had little feel whether we'd have an up or down session until right before the closing bell. Oil inventories were not a huge surprise like the week before, but the data sent oil much higher and then a weak US dollar only added to oil price gains. Some may use the Beige Book as the reason for the sell-off, but it might be how little the government expects Wall Street executives to work for if they are a TARP bank.
Here were today's unofficial closing bell levels:
Dow 9,956.91 -84.57 (-0.84%)
S&P 500 1,081.36 -9.70 (-0.89%)
Nasdaq 2,150.73 -12.74 (-0.59%)
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Boeing Company (NYSE: BA) posted a wider than expected loss this morning because of all the Dreamliner delays. Shares were down by 2% at $50.82 late in the trading day.
Sun Microsystems Inc. (NASDAQ: JAVA) traded lower today as traders were making bets that the Oracle and European Commission showdown might ultimately lead to no buyout being allowed. Shares were down almost 3% at $8.76 late in the trading day.
SLM Corporation (NYSE: SLM) was up sharply after earnings as the student loan processor said said it sees charge-offs and write-downs falling over the next six months and beyond. Shares were up 22% at $10.91 late in teh trading session.
Wells Fargo & Company (NYSE: WFC) gave a repeat earnings performance, but it was cautious on a return of the consumer credit metrics and increases in problem loans made traders lock in those huge gains they have seen this year. Shares were down over 2% at $29.65 late in the session.
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