The Dow Records Triple Digit Loss

  • June 6, 2007
  • Darren Wong

The major indices all fell nearly 1% in Wednesday’s
session after the White House lowered its forecast for economic
growth this year. GDP estimates were lowered to 2.3% from 2.9% for
the year-over-year projection.

July crude futures rose 0.5% to $65.96 per barrel
after reports that Turkish troops had moved into Northern Iraq to
chase Kurdish guerillas. Gold
futures for August delivery moved fractionally to $674.60 an ounce.

Around Europe, France’s CAC 40 Index
fell 1.7% to 5,977.87, Germany’s DAX lost 2.4% to 7,730.05, and
Britain’s FTSE 100 Index fell 1.7% to 6,522.70.

Today’s

PowerRatings Heat Map continues to show wide-spread bearishness across all market sectors.
Buying stocks at these lofty levels carries greater risk.
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33 market sectors.



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Gaps Down 5% or More,

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Stocks in
Motion

Prudential
(
PRU |
Quote |
Chart |
News |
PowerRating) To Close Its Equity Research And
Trading Business (full
story). PRU shares lost 0.8%.

Cooper Companies
(
COO |
Quote |
Chart |
News |
PowerRating) Swings To A Loss In Q2,
Revenue Grew 7%; Backs FY07 EPS & Revenue Forecast (full
story). COO shares closed fractionally higher.


Panera Bread
(
PNRA |
Quote |
Chart |
News |
PowerRating) Trims Q2 EPS Outlook On Lower Comp. Growth Target,
Higher Costs; May Comp. Rises 1.2% (full
story). PNRA shares fell 14%.

Disney
(
DIS |
Quote |
Chart |
News |
PowerRating) To Keep $1.35 Bln Cash From Merger
Deal, Citadel To Distribute Spl Cash To Holders (full
story). DIS shares gave up 1%.

Guess
(
GES |
Quote |
Chart |
News |
PowerRating) Q1 Earnings Surge, Top Estimates;
Boosts FY08 EPS Outlook (full
story). GES shares added 3.3%.

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

Market Snapshot

Dow

 -129.79 13,465.67

NASDAQ

 -24.05 2,587.18

S&P 500

 -13.57 1,517.38

 

 NYSE NASDAQ

Volume

 2,514,585,000 2,067,169,000

Advances

 646 909

Declines

 2558 2094

Up Volume

 407 490

Down Volume

 1848 1457

New Highs

 44 89

New Lows

 46 66


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Securities Broker/Dealer Index (XBD) Deutsche Bank Energy Index (DXE)
Dow Jones Internet Commerce Index (ECM) S&P Chemicals Index (CEX)
Amex Disk Drive Index (DDX) Amex Oil Index (XOI)


Economic
News

Nonfarm
Productivity 1.0% vs 1.0% consensus

Crude
inventories showed a build of 112K barrels

Darren Wong

Associate Editor

darrenw@tradingmarkets.com