Dow’s Biggest Gain Since June 2003

  • August 6, 2007
  • Darren Wong

Stocks rallied back after last Friday’s major selloff despite
continuing credit concerns and uncertainty over tomorrow’s Federal
Reserve meeting. The Dow and S&P 500 added over 2% and the Nasdaq
rose 1.4%.

Real estate investment trust, American Home Mortgage
(
AHM |
Quote |
Chart |
News |
PowerRating),
announced that it filed for bankruptcy amid the sub-prime lending
turmoil (full
story). More than 50 lenders have filed for bankruptcy so far
this year.

Crude oil futures for September delivery fell
for the 4.5% to $72.06 a barrel on concerns that U.S. growth may
slow lowering demand for energy.  Gold futures for
December delivery fell 0.2% to $683.30 an ounce.


Around Europe, Germany’s DAX index rose 0.1% to 7,444.45, France’s
CAC 40 index fell 1.2% to 5,532.99, and Britain’s FTSE 100 index
lost 0.6% to 6,189.10.

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Stocks in Motion

Countrywide
(
CFC |
Quote |
Chart |
News |
PowerRating) Reveals Net Liquidity Of $186.5 Bln; Reports
Immediate Access To $46.2 Bln Cash (full
story). CFC shares gained 7%.

Bear Stearns
(
BSC |
Quote |
Chart |
News |
PowerRating) President And Co-COO Spector Resigns Following
Hedge Fund Losses (full
story). BSC shares rose 5%.

FedEx Kinko’s
(
FDX |
Quote |
Chart |
News |
PowerRating) To Open 300 New Office And Print Centers In
U.S. In Fiscal 2008, Redesign Existing Centers And Open 20 International Centers
(full
story). FDX shares added 0.7%.

Mercury General
(
MCY |
Quote |
Chart |
News |
PowerRating) Q2 Profit Increases On Higher Net Realized
Investment Gains (full
story). MCY shares jumped 5%.

Temple-Inland
(
TIN |
Quote |
Chart |
News |
PowerRating) Agrees To Sell 1.55 Million Acres Of
Timberland For $2.38 Billion; To Pay Special Dividend (full
story). TIN shares added 5.8%.

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

 


Market Snapshot

Dow

 +286.87 13,468.78

NASDAQ

 +36.08 2,547.33

S&P 500

 +34.61 1,467.67

 

 NYSE NASDAQ

Volume

 3,111,384,000 2,682,884,000

Advances

 1659 1397

Declines

 1624 1675

Up Volume

 2812 1526

Down Volume

 1447 982

New Highs

 39 61

New Lows

 630 529




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Savings and Loans Airlines
Insurance
Brokers		 Gold
Drug Manufacturers Oil and
Gas Pipelines



Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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