Market Showing Signs Of Life?
An early session rally gave hope that the markets may be on the way to
shaking off some of Monday’s bloodletting, yet market indices slid over the rest
of trading, extending Monday’s losses. The Dow Industrials
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PowerRating), after
being 95 points in the green, fell to close at 8903.40, down 17.30. The Nasdaq
Composite
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500
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PowerRating) lost 6.03 to 1032.74.
The terrorist attacks of one week ago have continued to plague the economy,
as a projected number of 5% U.S. unemployment prior to the strikes has now grown
to 5.5%, a five and-a-half-year high. Changes in air travel and security have
affected a growing number of employees within the industry, as Continental
Airlines
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PowerRating), who announced yesterday a lay-off of 4,000
people, was joined by U.S. Airways
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PowerRating) and America West
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PowerRating) in
cutting workers from their payrolls.
Tony Crescenzi of Miller Tabak commented yesterday on the precarious position
of the U.S. economy, as 29 states have travel and tourism as either the number
one or two source of economic production. Due to the current uncertainty, even
airline manufacturers such as Boeing
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lowered production and sales in the tragedy’s wake.
Education stocks made a comeback, repairing some of the damage sustained in
recent weeks, as Career Education
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Colleges
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Advanced Technical Products
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expansion breakout as it gained 2.78 to end the day at 15.10. ATPX has gained
44% in the past two trading days. NICE-Systems
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PowerRating) performed in
similar fashion, gaining 2.25 to 15.60, a rise of 17% from yesterday’s close.
Astoria Financial
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PowerRating) continued from yesterday’s expansion of
range, adding on 1.60 to 59.60. ASFC has gained nearly 8 points from the Monday
low.
Economic releases for tomorrow include the NAHB housing index for September,
the Oil and Gas Inventories and the Fed’s beige book.