Early Rally Fizzles Out

  • June 25, 2007
  • Darren Wong

U.S. stocks surged sharply in morning trading, but the Dow gave up
triple digit gains in the afternoon. Interest rate sensitive
traders and investors became nervous ahead of the Fed meeting
later this week.

Crude oil futures for July delivery fell
fractionally
to $69.13 per barrel after the nationwide oil worker strike ended
in Nigeria over the weekend. Gold futures for August delivery fell
0.4% to
$654.70 an ounce.


Around Europe, Germany’s DAX index fell 0.24% to close at
7,930.61, France’s CAC 40 index lost 0.3% to 6,002.85, and
Britain’s FTSE 100 index rose 0.3% to 6,588.40.

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Stocks in
Motion

Dendreon’s Provenge – A Potential Trailblazer Or A Long
Shot? (full
story). DNDN shares fell 1%.

Higher Prescription Sales Boost Walgreen Q3 Profit (full
story). WAG shares lost 1.6%.

RCN To Acquire Neon Communications For About $260 Mln (full
story). RCNI shares rose by 0.7%, while NGI shares fell by 0.6%.

Doral Financial Says FBOP Backs Out Of Investment Proposal; To Vote
For Proposed Investment Transaction Between Doral Financial And Doral Holdings (full
story). DRL shares dropped 24%.

Conexant
Systems Taps ColdWatt’s Daniel Artusi As President, CEO (full
story). CNXT shares fell 4%.

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


Market Snapshot

Dow

 -8.21 13,352.05

NASDAQ

 -11.88 2,577.08

S&P 500

 -4.82 1,497.74

 

 NYSE NASDAQ

Volume

 3,097,679,000 2,011,724,000

Advances

 1022 1008

Declines

 2241 2045

Up Volume

 732 549

Down Volume

 2086 1343

New Highs

 69 111

New Lows

 107 95


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Pharmaceutical Index (DRG) Amex Natural Gas Index (XNG)
Disk Drive
Index (DDX)		 Gold Bugs Index (XUI)
CBOE Internet Index (INX) Dow Jones Equity REIT Index (DJR)


 


Economic
News

Exisiting Home Sales 5.99 mln vs
6.00 mln consensus, Prior revised to 6.01 mln from 5.99 mln

Darren Wong

Associate Editor

darrenw@tradingmarkets.com