Thursday, July 10, 2008
That Didn't last Long!
I didn't post Wednesday but Tuesday saw a rare rally with the SPX up by about 21 points.
Alas Tuesday’s gains didn’t last long with the SPX officially joining the other major market indices in bear market territory. The Dow lost 236.77 points Wednesday to close the session at 11,147.44. The SPX fell 29.01 points to 1,244.69.
Alcoa (AA) kicked off earnings and seemed like it might propel stocks higher following the company’s better than expected earnings report. However, after seeing gains in early trading, AA shares fell 2.44 percent to $31.54. Concerns about continued slowing in the U.S. economy and a rise in oil prices didn’t bode well for Alcoa or other stocks.
Oil prices were basically flat Wednesday after falling more than $9 a barrel the past two sessions. It seems traders are still taking profits despite rising tensions in the Middle East between Iran and Israel and weekly inventory data that showed a sharp drop in supplies. Oil closed at $136.05, just a penny above Tuesday’s close.
Until next time.
Alas Tuesday’s gains didn’t last long with the SPX officially joining the other major market indices in bear market territory. The Dow lost 236.77 points Wednesday to close the session at 11,147.44. The SPX fell 29.01 points to 1,244.69.
Alcoa (AA) kicked off earnings and seemed like it might propel stocks higher following the company’s better than expected earnings report. However, after seeing gains in early trading, AA shares fell 2.44 percent to $31.54. Concerns about continued slowing in the U.S. economy and a rise in oil prices didn’t bode well for Alcoa or other stocks.
Oil prices were basically flat Wednesday after falling more than $9 a barrel the past two sessions. It seems traders are still taking profits despite rising tensions in the Middle East between Iran and Israel and weekly inventory data that showed a sharp drop in supplies. Oil closed at $136.05, just a penny above Tuesday’s close.
Until next time.
# posted by Paul @ 6:55 AM 
