Thursday, December 27, 2007

Stocks decline after Benazir Bhutto Assassination in Pakistan

The assassination of Bhutto in Pakistan brought out sellers today. Dow is down 139, decliners are ahead of advancers almost 3-1 and NAZ is down 31. The killing raises concerns about oil, a lot comes from this part of the world. Oil is up 1.16 to 97.13 & the Treasury bond rose (flight to safety) reducing it's yield from 4.29 to 4.23%. Not helping was the report for durable goods, up only 0.1% (below expectations of a 2.2% figure).

Banks & REITs were weak among the many losses. The MLP index pulled back 2 points to 300 after a big run up in the last few days. Volume continues low. Tax loss selling for individuals is over, one good thing in this market.

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