Stock Indexes Fall for Fourth Day, Oil Surges, Fertilizer Grows

  • June 11, 2008
  • David Goodboy

Stock indexes plummeted today on fears of global interest rate increases and surging oil prices. The DJIA fell more than 200 points, losing -206.07 to 12083.69, the Nasdaq gave back -54.93 settling at 2394.01 and the S&P 500 lost -22.95 to end the session at 1335.49.

Agrium
(
AGU |
Quote |
Chart |
News |
PowerRating) exploded up 8.88% or $8.18 to $100.36/share due to higher than expected second quarter profits attributed to a huge increase in demand for fertilizer.

Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating) led the DJIA lower today after JP Morgan reduced its rating to neutral and squelched takeover rumors. The stock fell 8.12% or $3.47 to $39.26/share.

Staples
(
SPLS |
Quote |
Chart |
News |
PowerRating) climbed the most in the S&P 500 after agreeing to purchase Corporate Express of the Netherlands for $2.6 billion, the offer was increased three times during negotiations. The stock added 5.49% or $1.27 ending the session at $24.42/share.

Hooker Furniture
(
HOFT |
Quote |
Chart |
News |
PowerRating) fell 14.64% or $2.99 to 17.43/share after stating concerns of continued slow sales in 2008.

Oil climbed $5.37 to $136.68/barrel, gold added $11.70 to $882.90/oz and the VIX rose 4.06% to 24.12.

Market Snapshot

Dow

 -206.07 12083.69

NASDAQ

 -54.93 2394.01

S&P 500

 -22.95 1335.49

Economic
News

Durable Orders (Apr): Actual -0.5%, Consensus -1.5%

Chain Deflator-Prel. (Q1): Consensus 2.6%, Prior 2.4%

GDP-Prel (Q1): Consensus 0.9%, Prior 0.6%

Initial Claims (05/24): Consensus 370K, Prior 365K

Crude Inventories (05/24): Consensus NA, Prior -5317K

Personal Income (Apr): Consensus 0.2%, Prior 0.3%

Personal Spending (Apr): Consensus 0.2%, Prior 0.4%

PCE Core Inflation (Apr): Consensus 0.1%, Prior 0.2%

Chicago PMI (May): Consensus 48.5%, Prior 48.3%

Mich Sentiment-Rev (May): Consensus 59.5, Prior 59.5%