Markets Leap, Oil Dips, Dollar Gains

  • August 8, 2008
  • David Goodboy

The stock market ended the week on a highly positive note, making up yesterdays sharp decline, due to a stronger US Dollar and steeply falling oil prices. The DJIA added +302.89 to 11734.32, the Nasdaq advanced +58.37 to 2414.10 and the broad based S&P 500 soared +30.25 to 1296.31.

Fannie Mae
(
FNM |
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PowerRating) – The beat down mortgage giant gave back another 9.35% or $0.93 to $9.02/share after posting a 2.3 billion dollar lose due to rising mortgage defaults.

Home Depot
(
HD |
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PowerRating) built a gain of 7.60% or $1.86 to $26.34/share on the back of lowering oil prices potentially increasing consumer confidence.

Fuel Systems Solutions
(
FSYS |
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PowerRating) soared 29.40% or $12.22/share to $53.78 as the alternative fuel device maker increased the full year sales forecast to $350 million from $320 million.

Live Nation
(
LYV |
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PowerRating) – The concert promoter rocketed up 27.97% or $3.53/share to $16.15 posted second quarter profits surprising analysts who were forecasting losses.

Gold continues it precipitous decline, falling $14.60 to $863.30/oz. Oil fell another $5.12 to $114.90/barrel and surprisingly the VIX gave back just 2.32% to 20.66.

Market Snapshot

Dow

 +302.89 11734.32

NASDAQ

 +58.37 2414.10

S&P 500

 +30.25 1296.31

Economic
News

Consumer Confidence (Jul): Consensus 50.0, Prior 50.4

ADP Employment (Jul): Consensus -60K, Prior -79K

Chain Deflater (Q2): Consensus 2.3%, Prior 2.7%

Employment Cost Index (Q2): Consensus 0.7%, Prior 0.7%

GDP-Adv. (Q2): Consensus 2.3%, Prior 1.0%

Initial Claims (07/26): Consensus 395K, Prior 406K

Chicago PM (Q2): Consensus 49.0, Prior 49.6

Auto Sales (Jul): Consensus NA, Prior 4.9M

Truck Sales (Jul): Consensus NA, Prior 5.0M

Average Workweek (Jul): Consensus 33.7, Prior 33.7

Hourly Earnings (Jul): Consensus 0.3%, Prior 0.3%

Nonfarm Payrolls (Jul): Consensus -75K, Prior -62K

Unemployment Rate (Jul): Consensus 5.6%, Prior 5.5%

Construction Spending (Jun): Consensus -0.3%, Prior -0.4%

ISM Index (Jul): Consensus 49.2, Prior 50.2

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