Markets Surge, Oil Falls, Bud Files Suit

• July 8, 2008
• David Goodboy

Stock Indexes closed sharply higher today on falling oil prices and the Feds assurances to the troubled financial sector. The DJIA surged ahead +152.25 to 11384.21, the Nasdaq jumped +51.12 to 2294.44 and the S&P 500 climbed +21.39 ending the day at 1273.69.

Anheuser Busch
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CTC Media
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Paccar Inc
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VMware
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Oil fell sharply $5.52 to $135.85/barrel, Gold slipped $5.50 to $923.30/oz and the VIX gave back 10.20% ending the session at 23.15

Market Snapshot

Dow +152.25 11384.21 NASDAQ +51.12 2294.44 S&P 500 +21.39 1273.69

Economic News

Pending Home Sales (May): Consensus -2.8%, Consensus 6.3% Wholesale Inventories (May): Consensus 0.6%, Prior 1.3% Consumer Credit (May): Consensus $7.0B, Prior $8.9B Crude Inventories (07/05): Consensus NA, Prior -1982K Initial Claims (07/05): Consensus 395K, Prior 404K Export Prices ex-ag (Jun): Consensus NA, Prior 0.4% Import Prices ex-oil (Jun): Consensus NA, Prior 0.5% Trade Balance (May): Consensus -$62.2B, Prior -$60.9B Mich Sentiment-Prel (Jul): Consensus 55.5, Prior 56.4 Treasury Budget (Jun): Consensus $33.0B, Prior $27.5B