Stocks declined in the last 90 mins, giving back all their gains from the early morning. Dow was down 11 while NAZ pulled back 15. A big driver later in the day was oil hitting 100 again. In just 14 trading days, it has rallied 14 points (dollars). There are plenty of worries driving the prices up, one of the biggest is a possible cut in production by OPEC. Higher gas prices will hurt most industrial economies. However, oil companies had a very good day in the market. Today was the first day Chevron (CVX) & Bank of America (BAC) were included in the Dow.
After the close Hewlett-Packard (HPQ), a Dow company, reported very good earnings. The market liked the report, bidding up the shares 6% in after hours trading. Google (GOOG) another tech company close to my heart, dropped 21 on their negative forward guidance earlier today. It will be interesting to see if the Asian markets opening in a couple of hours will pay more attention to the declining US markets or be more influenced by the HPQ report.
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