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Oil was down another $5.00 per barrel today, yet that failed to cause a major rally despite a $9.00 in just two days. Today's end of day rally was led by financials after an FDIC conference which led to excitement about the sector. If you were looking for any brightness in home sales, May's pending home sales came in at -4.7% year over year. We also saw wholesale inventories in May rise by +0.8%. Perhaps more interesting is that the MAY Consumer Credit rose more than expected to $7.8 Billion. Below are the unofficial closing bell levels for today:
DJIA 11,384.21 (+152.25)
S&P500 1,273.68 (+21.37)
NASDAQ 2,294.42 (+51.10)
10YR T-Note 3.88% (-0.05%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Hank Paulson's speech gave some support after his speech didn't ring of the "Death of GSE's" and shares of Fannie Mae (NYSE: FNM) were up over 10% at $17.40 in today's final minutes.

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Closing Bell: Late day rally on financials over oil originally appeared on BloggingStocks on Tue, 08 Jul 2008 16:12:00 EST. Please see our terms for use of feeds.

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