Stocks Bounce Back From Morning Losses

  • August 20, 2007
  • Darren Wong

After a morning of hovering around the unchanged line, the
markets sold off before rallying back into the green in the final
hour. The volatility of the current market shows how uncertain
investors are in the Fed’s rate cut.

Financial stocks are turned in a weak performance following
several accounts of job cuts within the mortgage market. Sun
Trust
(
STI |
Quote |
Chart |
News |
PowerRating) and Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating)
have both reported lay-offs on Monday related to defaults within
their mortgage business.

Crude oil future prices for September delivery
eased
1.2% to $71.12 a barrel on news that a hurricane Dean will
probably miss the largest oil-production regions in the Gulf of
Mexico. Gold
futures for December delivery fell fractionally to $666.50 an ounce.

Around Europe, Germany’s DAX index rose 0.4% to 7,407.53, France’s
CAC 40 gained 0.7% to 5,399.38, and Britain’s FTSE 100 added 0.2%
to 6,078.70.

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Stocks in Motion

Lowe’s
(
LOW |
Quote |
Chart |
News |
PowerRating) Q2 Profit Up 9% Despite Weak Housing Market; Sees Q3
EPS Below Consensus; Cuts FY07 View (full
story). LOW shares jumped 6%. 

KKR Financial
(
KFN |
Quote |
Chart |
News |
PowerRating) To Raise About $500.4 Mln From Rights And
Private Placement Of Shares (full
story). KFN shares added 9%.

SunTrust
(
STI |
Quote |
Chart |
News |
PowerRating) To Cut About 2400
Positions (full
story). STI shares fell 0.7%.

Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating) Begins Lay-Offs in its Full Spectrum
Lending Unit. CFC shares dropped 8%.


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



Market Snapshot

Dow

 +42.27 13,121.35

NASDAQ

 +3.56 2,508.59

S&P 500

 -0.39 1,445.55

NYSE NASDAQ

Volume

 2,411,133,000 1,633,973,000

Advances

 1957 1494

Declines

 1312 1540

Up Volume

 1174 900

Down Volume

 1025 608

New Highs

 17 40

New Lows

 93 102




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Gold Drug
Manufacturers

Credit
Services		 Technology
Banking Healthcare



Economic
News

Leading Indicators +0.4% vs +0.4%
consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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