1. Most Discussed
  2. Gainers & Losers

US Indices Have Tanked Again Down 2.75%

  1. AlphaCenturian

    10,543 Posts.
    From Reuters..

    Another shocker of a close supposedly driven by programmed selling and talk that some speculators have begun shorting the market in anticipation of the 2 ET redemption/margin call deadline at mutual funds and brokerage houses. We cannot be certain, but it's probably is a contributing factor to the trend...
    Earnings season continued to roll on in full force today. The reports were somewhat disappointing. While most met consensus numbers, many reports spooked investors. IBM, SYMC, SEBL were all downgraded following their reports and NOK lowered its handset guidance. If that was not enough, AOL received a negative write-up in the Washington Post on "unconventional" deals and its COO will resign. However, its HBO unit dominated the Emmy nominations even without the Sopranos... There was good news -- it was just far from technology. A number of companies guided higher including Sears (S), Allstate (ALL), Sprint PCS (PCS), United Healthcare (UNH), Dell (DELL). Ford Motor (F) received two upgrades...

    On the economic front, Jobless Claims fell 28K to 379K in the Jul 13 week, well below the 395K consensus and confirming our suspicion that last week's increase above the 400K level was a result of difficulties with seasonal adjustment around the Jul 4 holiday. This is a slight positive for the market as it confirms the job market is steady at worst and perhaps improving... Most sectors closed lower. The few groups trading higher included coal, wireless, autos, gold, oil services...


    Dow 8,409.49 -132.99 (-1.56%)
    Nasdaq 1,356.95 -40.30 (-2.88%)
    S&P 500 881.56 -24.48 (-2.70%)
    10-Yr Bond 4.610% -0.055
    NYSE Volume 1,724,343,000
    Nasdaq Volume 1,828,592,000
    Quote data provided by Reuters

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.