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2008-05-23 16:20 ET Dow -145.99 Dow Close 12479.63 Nasdaq -19.91 Nasdaq Close 2444.67 S&P -18.42 S&P Close 1375.93 Nasdaq100 -0.3 SandP_Midcap400 -1.2 Russell2000 -1.2 NYAdv 850 NYDec 2243 NQAdv 872 NQDec 1944

[BRIEFING.COM] The stock market closed 3.5% lower this week after losing 1.3% this session. Stocks declined in the face of persistently high oil prices and broad-based selling efforts ahead of the long weekend. Eight of the major economic sectors lost at least 1.0% this session.

Crude oil prices rebounded from yesterday’s drop and weighed on early morning sentiment. The commodity closed $1.31 higher on the New York Mercantile Exchange, finishing the session at $132.12 per barrel. Crude has not finished lower for two consecutive sessions since the beginning of May.

Investor pessimism persisted in the face of positive earnings announcements from retailers Gap (GPS 17.94, -0.35) and Aeropostale (ARO 32.67, -0.05). The pair announced after yesterday's close earnings results that surpassed the consensus earnings per share estimate. Meanwhile, department store Dillards (DDS 15.73, -0.63) reported this morning its first quarter net income slumped during the most recent quarter.

Brewers (+6.4%) performed exceptionally well in the face of the session’s broad-based selling. A report from FT Alphaville indicating Belgium beverage company InBev is interested in acquiring Anheuser-Busch (BUD 56.61, +4.03) helped give the group a lift.

Tech heavyweight Apple (AAPL 181.17, +4.12) helped the Nasdaq 100 (-0.3%) outperform the major indices on a relative basis. Apple had its price target elevated and was added to a buy list at a pair of Wall Street’s leading investment banks.

Separately, existing home sales for April declined 1.0% month-over-month to an annualized rate of 4.89 million units, according to the National Association of Realtors. Economists were expecting April sales to decline 1.6% from the prior month’s annualized sales rate.

The stock market will be closed for trading on Monday in observance of Memorial Day.


2008-05-23 15:30 ET Dow -128.89 Dow Close 12496.73 Nasdaq -19.89 Nasdaq Close 2444.69 S&P -15.89 S&P Close 1378.46 NYAdv 855 NYDec 2220 NQAdv 842 NQDec 1975

[BRIEFING.COM] The stock market is on track to finish the week roughly 3.4% lower. So far, the stock market is down a less severe 0.6% this month.

All ten of the major economic sectors continue to trade in the red. Eight are trading with losses of at least 1.0%.

Crude closed $1.31 higher on the New York Mercantile Exchange, finishing the session at $132.12 per barrel.


2008-05-23 15:00 ET Dow -128.24 Dow Close 12497.38 Nasdaq -17.63 Nasdaq Close 2446.95 S&P -15.39 S&P Close 1378.96 NYAdv 865 NYDec 2212 NQAdv 860 NQDec 1920

[BRIEFING.COM] The stock market was making its most prolonged recovery attempt this session, but encountered another bout of selling pressure. The stock market remains more than 1.0% lower. The Dow Jones is also facing a 1.0% decline, but the Nasdaq is down 0.7%.

Apple (AAPL 181.71, +4.66) is trading higher, lending support to the tech-heavy Nasdaq. Apple was added to the conviction buy list at Goldman Sachs. Apple also had its price target lifted at Merrill Lynch.


2008-05-23 14:30 ET Dow -147.70 Dow Close 12477.92 Nasdaq -22.91 Nasdaq Close 2441.67 S&P -17.99 S&P Close 1376.36 NYAdv 825 NYDec 2238 NQAdv 815 NQDec 1958

[BRIEFING.COM] Down as much as 1.5% this session, the S&P 500 continues to encounter concerted selling efforts. The stock market is down 3.4% week-to-date and down 6.3% year-to-date.

Despite oil's strength, energy (-1.8%) is posting the largest decline among the major economic sectors. Integrated oil and gas firms (-3.1%) like Exxon-Mobil (XOM 90.93, -1.58) and Chevron (CVX 100.91, -1.00) are weiging on the industry.


2008-05-23 14:00 ET Dow -159.67 Dow Close 12465.95 Nasdaq -28.47 Nasdaq Close 2436.11 S&P -19.55 S&P Close 1374.80 NYAdv 740 NYDec 2320 NQAdv 754 NQDec 2006

[BRIEFING.COM] Stocks continue to encounter renewed selling pressure upon attempted recoveries. The S&P 500 is trending back toward its session low.

The dollar is little changed this session. The dollar index is up marginally to 71.9.

Gold closed $6.50 higher at $924.80 per ounce. Meanwhile, crude prices have risen after falling back to the unchanged mark. Oil is currently trading hands at $132.30 per barrel, up 1.1%.

1. By: WOWReviewed
2. Categories Cool Commercials
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4. Added :28-Jul-08
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