Stocks Mixed, Oil Drops, Toll Brothers Comments on Housing

  • June 4, 2008
  • David Goodboy

Stocks closed mixed on inflation fears and technology boosted the Nasdaq. The DJIA gave back -12.37 closing at 12390.48, the Nasdaq gained +22.66 to 2503.14 and the S&P 500 fell -0.45 to 1377.20.

Toll Brothers
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PowerRating) gave back another 2.23% or .48 cents to $21.12/share after CEO Robert Toll stated that the housing industry is in a depression at a JP Morgan conference.

Google
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PowerRating) climbed .87% or $4.92 to $572.22 after announcing ambitious office expansion plans.

US Airways
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PowerRating) added 2.71% or .03 cents to $4.09 after announcing cut backs that include the termination of its low cost carrier, Ted.

Verizon Communications
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PowerRating) dropped 1.02% or .38 cents due to announcing a possible 27 billion dollar buy out of Alltel.

Oil fell another $2.26 to $122.05/barrel, gold gave back $1.70 to $883.80/ounce and the VIX added 2.77% to 20.80.

Market Snapshot

Dow

 -12.37 12390.48

NASDAQ

 + 22.66 2503.14

S&P 500

 -0.45 1377.20

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%