Stocks Recover after Central Banks Stabilize Markets

  • August 10, 2007
  • Darren Wong

News that the Fed has purchased over $30
billion in mortgage related bonds today has been the main factor
in market movement. The injection of liquidity is an attempt to
stem the credit crunch.

The Dow rallied back in late day trading after
being down nearly 120 points. IBM and ExxonMobil led the Dow rally
posting gains of 1.6% and 1.2% respectively.

Crude oil futures for September delivery
continued to fall dropping 1.3% to $70.69 a barrel on concerns that reduced economic growth
will hamper fuel demand. Gold futures for December
delivery rose 1.3% to $681.60 an ounce.


Around Europe, Germany’s DAX lost 1.5% to 7,343.26, France’s CAC
40 dropped 3% to 5,448.63, and Britain’s FTSE 100 gave  up
3.7% to 6,038.30.

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Stocks in Motion

NVIDIA
(
NVDA |
Quote |
Chart |
News |
PowerRating) Q2 Profit Nearly Doubles; Declares 3-for-2 Stock Split
(full
story). NVDA shares dropped 4.6%.

FDA Denies Approval For Wyeth’s
(
WYE |
Quote |
Chart |
News |
PowerRating) Schizophrenia Drug
Bifeprunox (full
story). WYE shares fell 6.3%.

Biogen Idec
(
BIIB |
Quote |
Chart |
News |
PowerRating) Names Paul Clancy CFO (full
story). BIIB shares lost 0.5%.

Pride International
(
PDE |
Quote |
Chart |
News |
PowerRating) To Sell 2 Units To GP Investments For $1
Bln (full
story). PDE shares fell 2%.

Boston Scientific
(
BSX |
Quote |
Chart |
News |
PowerRating) Unwinding Merger With Advanced Bionics (full
story). BSX shares lost 5%.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 -30.98 13,239.70

NASDAQ

 -11.60 2,544.89

S&P 500

 +0.58 1,453.67

NYSE NASDAQ

Volume

 5,153,840,000 3,160,723,000

Advances

 1238 1242

Declines

 2049 1852

Up Volume

 1921 1149

Down Volume

 2593 1829

New Highs

 30 52

New Lows

 452 268




Strongest/Weakest Industry Groups

Strongest Industries

Weakest Industries
Oil and Gas
Equipment
Consumer Services
Telecom Investment
Brokerage- National
Internet
Insurance Brokers



Economic
News

Import Prices y/y +2.8% vs +2.5%
consensus

Monthly Treasury Budget Statement -$36.3Bln vs. -$35.0Bln

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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