Wednesday, June 18, 2008

Stocks Taken Down Again

For the second straight day, US equities were hammered down as investors continue to express negative sentiment by selling en masse.

Following the release of poor quarterly results by FedEx (FDX, 82.60, -1.73) and Morgan Stanley (MS, 40.69, -0.10) traders quickly sent stocks into negative territory where they spent the remainder of the session.

Dow 12,029.06 -131.24; NASDAQ 2,429.71 -28.02; S&P 500 1,337.81 -13.12; NYSE Composite 8,999.56 -74.85

The Dow closed less than 300 points above the March 10 lows (11,740) which marked a 16-month bottom. Other indices are heading in the same direction.

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Declining issues ran well ahead of advancers, 4294-1690. New lows outdid new highs, 469-129.

Once again, financial issues were the main drag on stocks, though 11 of 12 sectors were lower. Only Basic Materials showed a gain over the course of the session.

Despite the obvious impetus to sell, volume overall was again sluggish.

Crude oil for August delivery gained $2.37 to $136.90. Gold finished $6.60 higher, at $893.50. Silver gained as well, up 27 cents to $17.34.

NYSE Volume 1,282,983,000
NASDAQ Volume 2,060,739,000

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