Bulls Recharging?
Traders took profits in somewhat lighter holiday-week trading, sending the indices lower. The news that more anthrax was found in the offices of Senators Kennedy and Dodd didn’t help matters.
The Dow was down 75.08 to close at 9901.38. The Nasdaq fell 53.98 to close at 1880.44.
The S&P 500 lost 8.41 to close at 1142.65.
Decreased trade brought on after the Sept. 11
events sent the trade deficit to a 2 1/2 year low — $18.7 billion from $27.1
billion in August.
Today’s strong sectors were oil service
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5.41%, and oil
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5.83%, and networkers
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In a transaction worth close to $3 billion, P&O Princess Cruises
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largest cruise ship company in the world. RCL closed up 1.09 to 16.10, while Princess closed
in London at 366.816, up 16%.
Farm equipment maker Deere
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largest loss in 10 years, and also expects a Q1 loss. The company said it would
reduce its headquarters staff by 10%. Deere closed down 2.82 to 38.75.
Concerns that the company may run out of money
before its takeover is complete sent shares of Enron
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it may have to pay $690 million in debt next week. ENE fell 2.05 to 7.01.
Comments from Norway and Mexico that they would
consider cutting oil production sent crude prices soaring. Oil services were
strong on the news, with Baker Hughes
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.87, and BJ Services
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Major oils were up also, with ExxonMobil
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up .95 to 37.96, and ChevronTexaco
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Higher Q3 profits at Target
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lower. The company said it was comfortable with analysts’ fourth quarter
estimates of .65. TGT was down 1.29 to 36.50.
Several retail stocks made 52-week highs today,
including Lowe’s
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Whole Foods Market
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Invision Technologies
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bomb-detection equipment, launched to another 52-week high, up 1.14 to close at
19.56.
Software company Magma Design Automation
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is the most recent IPO, going out today at $13 and closing up 47% to 19.21.