Read it here :http://investorline.co.in/blog/?p=1694
US Market back in the red
US Market was back in the red today, Wednesday, 07 May, 2008. Crude
prices soaring above $123/barrel once again sent a vibe of negative
feeling across the market. Each of the ten major economic sectors
finished lower. Financials led the group of negatives.
The Dow was down by almost 70 points earlier in the day. But in the
last hour of trading, indices took a massive plunge. At the end, going
into close, The Dow Jones industrial Average ended the day with a loss
of 206 points at 12,814. The Nasdaq Composite Index, finished lower by
44.8 points at 2,438.4. S&P 500 finished lower by 25.6 points at
1,392.7.
Twenty-four out of thirty Dow components ended in the red today. The
financial stocks took the largest dips AIG, American Express and
Citigroup. Walt Disney was one of the main Dow winners.
Among major economic news of the day, first quarter nonfarm
productivity rose at a 2.2% annual rate, which was more than the
consensus estimate of 1.5%. Unit labor costs, an inflation gauge,
registered a 2.2% rate of increase. That was better than the expected
2.6% rate of growth.
Read it further : http://investorline.co.in/blog/?p=1694
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