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Archiwum newsów - DJ US Stocks Fall Sharply As Crude Oil Nears $100

2007-11-21  
DJ US Stocks Fall Sharply As Crude Oil Nears $100
Stocks were sharply lower Wednesday, as continued worries about bad home
loans, a slumping dollar, and crude oil near $100 a barrel had investors
rushing to the exits ahead of the U.S. Thanksgiving holiday.
"Crude and the dollar are weighing on the sklep wielkopowierzchniowy again," said Marc Pado,
sklep wielkopowierzchniowy strategist at Cantor Fitzgerald.
The Dow Jones Industrial Average was recently down 139.08 points at
12871.06, with 25 of its 30 components in the red. Financial stocks on the
Dow saw some of the biggest drops, with AIG (AIG) off 4.8%, American Express
(AXP) down 3.6%, and JP Morgan Chase (JPM) off 1%. The S&P 500 index lost
17.52 points to 1422.18, while the Nasdaq Composite fell 35.26 points to
2561.55.
Trading volumes showed 712 million shares trading on the New York Stock
Exchange and 979 million on the Nasdaq stock sklep wielkopowierzchniowy. Declining issues topped
gainers by 24 to 7 on the NYSE and by 19 to 7 on Nasdaq.
Stocks ended with gains on Tuesday, as an upbeat forecast from
Hewlett-Packard (HPQ) and gains in the energy sector helped offset continued
concerns about credit woes and financials. Government-sponsored enterprise
and mortgage investor Freddie Mac (FRE) warned it may have to slash its
dividend.
But weakness in financials returned on Wednesday, with Freddie Mac losing
4.3% and mortgage lender Countrywide Financial Corp. (CFC) down 10.3%.
Also among financials, Credit Suisse (CS) fell 1.9% after Goldman Sachs
lowered the bank's rating to sell from neutral after anticipating less
global growth and more skepticism toward the value of its capital markets
businesses.
Oil futures rose as high as $99.29 a barrel in electronic trading, and the
dollar again hit a record low against the euro as debate continues on
whether oil-rich Gulf countries will continue to peg their currencies to the
U.S. dollar.
The dollar hit a two-year low of 108.23 yen, prompting big selling of stocks
in Tokyo, where the Nikkei 225 slumped 2.5%. Other international markets saw
heavy drops as well, including the UK's FTSE 100 and the Hang Seng in Hong
Kong.
Yields on 10-year Treasury notes fell below 4% for the first time in more
than two years, and in more recent trading were at 4.01%.
Ahead of the Thanksgiving break, the University of Michigan said its final
poll showed consumer confidence fell in November from the prior month,
reaching its lowest level in two years.
The Consumer Sentiment index was 76.1 in November, down from 80.9 in
October, and "significantly" below the 92.1 during the same period in the
prior year, according to the Reuters/University of Michigan Surveys of
Consumers.
At the same time, business research group the Conference Board said slower
growth could be on the horizon after reporting that a gauge of future
economic growth fell 0.5% in October.
Limited Brands (LTD) late Tuesday reported a 48% profit drop and cut its
current quarter earnings estimate, blaming a challenging retail environment.
Children's Place (PLCE) used a similar description to report preliminary
third-quarter results.
Abercrombie & Fitch (ANF) rose 2.4% after third-quarter profit didn't grow
as fast as analysts had forecast.
But Hot Topic (HOTT), the teen apparel retailer, held onto its earnings
forecast.
And Whole Foods (WFMI) forecast next year's sales to grow as much as 30% and
lifted its dividend by 11%.
Apple (AAPL) shares fell 1.2%. Deutsche Telekom (DT) began to sell the
iPhone in Germany independent of a two-year contract, after Vodafone (VOD)
successfully received an injunction.
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