Stock Market Recap: Stocks Dive, Home Builders Plummet and Clear Wire Climbs On News

  • May 7, 2008
  • Dave Goodboy

Stocks drop precipitously across the board on rumors of further declines in Financial shares and continuing housing woes. The DJIA lost -206.48 points, The S&P 500 descended -25.69 points, and The NASDAQ dropped -44.83 points.

DR Horton
(
DHI |
Quote |
Chart |
News |
PowerRating) -  Announced record losses dropping over 7% to 15.66.

Merrill Lynch & Co
(
MER |
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News |
PowerRating) – Suffered largest loss since March, dropping over 5% to 48.65,  on new SEC regulations requiring full disclosure on capital and liquidity amounts.

Clear Wire Corp
(
CLWR |
Quote |
Chart |
News |
PowerRating) – Climbed .14 or .85% on a Sprint partnership deal for a high speed wireless business and the first national WiMax network.

News Corp
(
NWS |
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Chart |
News |
PowerRating) – The Rubert Murdoch controlled media company announced earnings at .91/share and sales rose 18%.  The stock has risen .24 after hours.

Oil hit a new record high today on continued supply disruption rumors and a speculative buying frenzy despite a higher supply figure announced this morning.  Oil climbed 1.4% to 123.64.

Market Snapshot

Dow

 -206.48 12,814.35

NASDAQ

 -44.83 2,438.48

S&P 500

 -25.69 1,392.57

Economic
News

ISM Services (Apr): Actual 52.0, Consensus 49.1

Productivity Prel (Q1): Consensus 49.1%, Prior 49.6%

Pending Home Sales (Mar): Consensus -1.0%, Prior -1.9%

Crude Inventories (05/03): Consensus N/A, Prior 3848K

Consumer Credit (Mar): Consensus 6.0B, Prior 5.2B

Initial Claims (05/03): Consensus 375K, Prior 380K

Wholesale Inventories (Mar): Consensus 0.5%, Prior 1.1%

Trade Balance (Mar): Consensus -$61.3B, Prior -$62.3B