Stocks Rally Back After Early Selloff

  • August 7, 2007
  • Darren Wong

Stocks rallied back after an early morning selloff as investors
are becoming more optimistic that the Fed will cut rates this
afternoon. The Fed decision is set for 2:15 PM Eastern.

Crude oil futures for September delivery fell
0.5% to $76.67 a barrel.  Gold futures for
December delivery fell 0.6% to $679.40 an ounce on Euro weakness
this morning. Gold has been moving in the same direction as the
Euro.


Around Asia, Shanghai’s Composite hit
new record all-time highs today adding 0.5% to 4,651.23, Hong
Kong’s Hang Seng fell 0.1% to 21,907.99, and Tokyo’s Nikkei index
closed flat at 16,921.77.

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Stocks in Motion

Wynn Resorts
(
WYNN |
Quote |
Chart |
News |
PowerRating) Posts Q2 Profit On Strong Wynn Macau, Wynn
Las Vegas Results; Stock Surges (full
story). WYNN shares %.

Harrah’s Entertainment
(
HET |
Quote |
Chart |
News |
PowerRating) Q2 Profit Surges On Strong Las Vegas
Visitor Volumes; Adj. EPS Rises, But Misses Street View (full
story). HET shares %.

BMC Software
(
BMC |
Quote |
Chart |
News |
PowerRating) Q1 Earnings Rise, Top Estimate; Boosts FY08
Earnings Outlook (full
story). BMC shares %.

Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating) To Buy Certain Mortgage Assets Of
HomeBanc (full
story). CFC shares %.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 -12.11 13,456.01

NASDAQ

 -1.47 2,545.86

S&P 500

 +1.90 1,469.57

 

 NYSE NASDAQ

Volume

 1,564,183,000 901,033,000

Advances

 1333 1304

Declines

 1805 1577

Up Volume

 608 294

Down Volume

 755 514

New Highs

 37 68

New Lows

 444 177




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Savings and Loans Networking
Trucking Telecom
Investment
Brokerage- National		 Technology



Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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