Broad Based Sell Off Continues, Oil Reaches New Record High

  • June 27, 2008
  • David Goodboy

U.S. stock indexes continued their decline today on exploding oil prices, plummeting Consumer Confidence figures and the subprime meltdown. The DJIA gave back -106.91 ending at 11346.51, the Nasdaq dipped -5.74 to 2315.63 and the S&P 500 fell -4.77 to 1278.38.

Bristol Myers
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PowerRating) climbed 3.30% or $0.65 to $20.32/share due to selling off a division to raise cash for acquisitions.

American Eagle
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PowerRating) dropped 14.94% or $2.36 to $13.45/share on the President and Chief Merchandiser’s departure plans for January, 2009.

KB Home
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KBH |
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PowerRating) hit a 5-month low today after dropping $0.41 to $17.72 after its fifth straight quarterly loss.

AK Steel Holding
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AKS |
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PowerRating) grew by 7.96% or $5.03 to $68.21 after being added to the S&P 500.

Oil Climbed $1.06 to $140.70/barrel, gold added $16.20 to $931.30/oz and the US Dollar fell against the Euro.

Market Snapshot

Dow

 -106.91 11346.51

NASDAQ

 -5.74 2315.63

S&P 500

 -4.77 1278.38

Economic
News

Durable Orders (May): Actual 0.0%, Consensus 0.0%

New Home Sales (May): Consensus 510K, Prior 525K

Chain Deflator-Final (Q1): Consensus 2.6%, Prior 2.6%

GDP Final (Q1): Consensus 1.0%, Prior 0.9%

Initial Claims (06/21): Consensus 375K, Prior 381K

Existing Home Sales (May): Consensus 4.95M, Prior 4.89M

Personal Income (May): Consensus 0.4%, Prior 0.2%

Personal Spending (May): Consensus 0.7%, Prior 0.2%

Crude Inventories (06/21): Consensus NA, Prior -1242K

PCE Core Inflation (May): Consensus 0.2%, Prior 0.1%

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