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US close: Stocks fall in most volatile session ever
Thu, 20 Nov, 2008
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US close: Stocks fall in most volatile session ever
Fri, 10 Oct 2008, 21:36:00
Shares closed lower on Wall Street, but the fall was moderate compared to earlier losses on an extremely volatile day for the US market.<br /><br />The Dow Jones Industrial index traded in a range of more than 1,000 points, its biggest swing ever.<br /><br />It nose-dived below 8,000 points, but then jumped back, topping 8,900 at one stage, only to slip back into the red in the lead-up to the close.<br /><br />The Dow Jones closed down 128 points at 8,451, the S&P 500 closed down 10 at 899, while the tech heavy NASDAQ finished four points higher at 1,649.<br /><br /><b>Morgan Stanley</b> again came under selling pressure after credit rating agency Moody's said it may downgrade the former investment bank's debt rating. <b>Goldman Sachs</b> slumped in sympathy.<br /><br />Energy stocks hit the skids after oil slipped below $78 a barrel on fears that a world-wide recession will hit demand. <b>National Oilwell</b>, <b>Exxon Mobil</b> and <b>Southwestern Energy</b> were among many oil related stocks suffering falls. <b>Chesapeake Energy</b> was hit by concerns it won't be able to sufficiently hedge against sliding natural gas prices.<br /><br />However, <b>JP Morgan Chase</b> and<b> Bank of America</b> led a resurgence in the banking sector.<br /><br /><b>Wachovia</b> was a bright point, advancing by almost one-third after <b>Citicorp</b> said it was giving up the fight to gain control of the bank which will now be able to proceed with its agreed takeover by <b>Wells Fargo</b>. Other regional banks such as <b>Keycorp</b> and <b>Sovereign Bancorp</b> were also wanted.<br /><br />General Electric said today that earnings dropped 10% while revenue increased 11% in the third quarter, in line with expectations.<br /><br /><b>General Motors</b> improved after it dismissed speculation that it is considering bankruptcy. The car maker, along with peers Ford and Chrysler may face bankruptcy according to ratings agency Standard and Poors.<br /><br /><b>Deckers Outdoor Corp</b>, the footwear specialist behind Ugg boots, advanced after third quarter sales beat expectations.<br /><br />US retailer <b>Macy's</b> fell after it lowered its earnings guidance for 2008 as sales slumped at its department stores.<br /><br />The price of the newspaper USA Today, which is owned by <b>Gannett</b>, also the owner of UK papers such as Glasgow's the Herald, is to rise by 25 cents to $1.<br /><br />On the economic front, the Commerce Department said the trade balance in August shrunk to $59.1bn, slightly worse that expected, and smaller than July's revised $61.3bn. <br /><br />The Labor Department said its import price index decreased 3% in September, led by a decrease in oil prices. Concerns about economic growth have dampened demand for crude.<br /><br /><br /><br /><b>S&P 500 - Risers</b><br />Wachovia Corp. (WB) $5.15 +43.06%<br />Xl Capital Ltd. (XL) $5.43 +35.41%<br />Cb Richard Ellis Group (CBG) $9.80 +35.17%<br />Slm Corp. (SLM) $8.49 +32.66%<br />Lincoln Natl Corp. (LNC) $23.95 +30.80%<br /><br /><b>S&P 500 - Fallers</b><br />Morgan Stanley (MS) $9.68 -22.25%<br />Cbs Corp. Class B (CBS) $8.10 -20.12%<br />BJ Services Company (BJS) $9.55 -18.10%<br />Coca Cola Entrpr Inc. (CCE) $10.00 -17.56%<br />Viacom Inc. Class A (VIA) $17.10 -17.31%<br /><br /><b>Dow Jones I.A - Risers</b><br />Jp Morgan Chase Co (JPM) $41.10 +12.05%<br />Gen Electric Co (GE) $21.06 +10.78%<br />Citigroup Inc. (C) $14.11 +9.13%<br />Bank Of America Corp. (BAC) $21.10 +7.49%<br />General Motors (GM) $5.05 +6.09%<br /><br /><b>Dow Jones I.A - Fallers</b><br />Alcoa Inc. (AA) $11.25 -9.71%<br />Chevron Corp. (CVX) $58.15 -9.14%<br />Exxon Mobil Corp. (XOM) $61.81 -9.10%<br />Boeing Co (BA) $41.80 -5.89%<br />Intel Corp. (INTC) $14.99 -3.91%<br /><br /><b>Nasdaq 100 - Risers</b><br />Sirius Satellite Radio Inc. (SIRI) $0.45 +12.50%<br />Apple Inc. (AAPL) $96.49 +8.73%<br />Cognizant Technology Solutions Corp. (CTSH) $17.30 +7.12%<br />Stericycle Inc. (SRCL) $52.02 +6.53%<br />Ryanair Holdings Plc Adr (RYAAY) $16.99 +6.08%<br /><br /><b>Nasdaq 100 - Fallers</b><br />Steel Dynamics Inc. (STLD) $7.45 -12.15%<br />Liberty Global Inc. (LBTYA) $19.04 -11.03%<br />Joy Global Inc. (JOYG) $27.78 -10.30%<br />Lamar Advertising Company (LAMR) $23.23 -9.96%<br />Nii Holdings Inc. (NIHD) $20.49 -9.82%<br />
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