Stocks Fall but Comments from Bernanke help Boost the Dollar

  • June 3, 2008
  • David Goodboy

Stock indexes dropped for the second day on additional malaise in the financial sector. The DJIA dipped -100.97 to 12403.02, the Nasdaq gave back -11.05 to 2480.48 and the S&P 500 fell -8.01 to 1377.66. Earlier gains on Bernanke’s positive inflation statement were quickly erased during the session.

Toll Brothers
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Lehman Brothers
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PowerRating) slid another 9.37% or $3.17 to $30.66, leading the S&P 500 lower, on the potential that it may post its first loss since going public in 1994.

Marvel Entertainment
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PowerRating) gained 3.96% or $1.34 to $35.21on being added to the S&P Mid Cap 400 index.

Southwest Airlines
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PowerRating) added 4.08% or .53 cents to $13.52 after announcing increased traffic and capacity.

Oil dropped $3.42 to $124.34/barrel, Gold dipped $11.85 to $885.50/ounce and the VIX added 2.02% closing at 20.23.

Market Snapshot

Dow

 -100.97 12403.02

NASDAQ

 -11.05 2480.48

S&P 500

 -8.01 1377.66

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%