Stocks Slip on Bernanke Comments

  • June 5, 2007
  • Darren Wong

U.S. stocks fell after Fed Chairman Bernanke stated
that the slowdown in housing is ongoing on that effects may last
“for somewhat longer than previously expected.” The major indices
are all trading lower by 0.6%.

July crude futures are lower by 0.8%
to $65.71 per barrel in
early trading. Gold
futures for August delivery made fractional gains to $678.30 an ounce.

Around Asia, Shanghai’s Composite
bounced back by 2.6% to finish at 3,767.10, Hong Kong’s Hang Seng
Index rose 0.5% to 20,842.15, and Tokyo’s Nikkei rose 0.45% to
18,053.81.

Today’s

PowerRatings Heat Map continues to show wide-spread bearishness across all market sectors.
Buying stocks at these lofty levels carries greater risk.
Click here for a free trial to see all
33 market sectors.



Click here to see our new list of indicators that includes

Gaps Down 5% or More,

2-Period RSI Below 2,

Stocks Up 10% or More.  Historically proven edges make
these a great place to start making a watch list. 


Stocks in
Motion

Avaya
(
AV |
Quote |
Chart |
News |
PowerRating) To Be Taken Private By SilverLake
And TPG Capital For About $8.2 Bln (full
story). AV shares rise by 2%.

Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) To Advance 3 Key Compounds Into Phase
3 Trials In 2007 For Different Cancers (full
story). PFE shares lose 1.25%.

Bed Bath & Beyond
(
BBBY |
Quote |
Chart |
News |
PowerRating)Sees Q1 EPS Below
Consensus (full
story). BBBY shares fall 5.8%.

Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) Backs Q4 Forecast
(full
story). PG shares rise by 0.8%.

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

Market Snapshot

Dow

 -88.99 13,587.33

NASDAQ

 -15.92 2,602.37

S&P 500

 -10.23 1,528.95

 

 NYSE NASDAQ

Volume

 1,037,327,000 949,177,000

Advances

 886 964

Declines

 2207 1917

Up Volume

 231 257

Down Volume

 661 604

New Highs

 145 123

New Lows

 26 33


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Airline Index (XAL) Nasdaq Transportation Index (TRANX)
S&P Chemicals Index (CEX) Amex Gold Bugs Index (HUI)
CBOE Technology Index (TXX) GSTI Software Index (GSO)


Economic
News

ISM Services 57.4
vs 55.5 consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com