U.S. Markets Sell Off on Fed Comments

  • February 9, 2007
  • Darren Wong

The U.S. stock markets
closed in negative territory this afternoon after Fed comments
that more rate hikes were a possibility.  The Nasdaq led to
the downside losing over 1%. 

The price of oil saw some
strength during trading on Friday, although it ended the session
well off its highest level of the day. After reaching a high of
$60.80 a barrel, crude for March delivery closed up only $0.18 at
$59.89 a barrel.

The price of gold saw some
further upside during

trading on Friday. Gold for April delivery closed up $9.50 at
$672.30 an ounce, ending the session at its best closing level in
over six months.



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Stocks in
Motion

MasterCard
(
MA |
Quote |
Chart |
News |
PowerRating) Turns To Profit In Q4 On
Strong Top Line Growth, Lower Expenses; Lifts Quarterly Cash Dividend (full
story).  MA shares drop 9.7%.

Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating) Reports
Increase In January Mortgage Loan Fundings (full
story).  CFC shares fall by 3%.

Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) Profit Falls Sharply Hit
By Charges, But Meets Estimate (full
story).  BRCM shares gained 1.6%.

GlaxoSmithKline
(
GSK |
Quote |
Chart |
News |
PowerRating) Q4 Profit Rises
5.3%; Sees FY07 EPS Growth Of 8% – 10% (full
story).  GSK shares rise by 1%.

Gateway
(
GTW |
Quote |
Chart |
News |
PowerRating) Posts Q4 Profit (full
story).  GTW shares lose nearly 10%.

Coventry Health Care
(
CVH |
Quote |
Chart |
News |
PowerRating) Q4 EPS Rises
26%; Revenue Up 13%; Guides Q1, FY07 (full
story).  CVH shares fall by 1%.

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

Market Snapshot

Dow

 -56.80 12,580.83

NASDAQ

 -28.85 2,459.82

S&P 500

 -10.25 1,438.06

 

 NYSE NASDAQ

Volume

 2,753,044,000 2,153,640,000

Advances

 948 963

Declines

 2301 2064

Up Volume

 698 497

Down Volume

 1767 1510

New Highs

 254 151

New Lows

 21 40



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Gold Bugs Index (HUI) CBOE Internet Index (INX)
CBOE Dow Ten Index (MUT) Amex Networking Index (NWX)
S&P Chemicals Index (CEX) Nasdaq Other Finance Index (OFIN)


Economic
News

No economic
reports released today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com