Stocks had another bad day with banks once again leading the way down. Dow was down 120, decliners over advancers almost 2-1 & NAZ down another 43. The decline for bank stocks followed yesterday when they led the way down. The 3 Dow banks (BAC, C & JPM) are each off over 2 in just the last 2 days. More write-offs are in the wind. Dow is down almost 1K this quarter/year, looks like their worst start since 2001. NAZ & tech are doing even worse, off almost 400 (from a lower base) this year. Oracle (ORCL), down 1.51, set the tone today after yesterday's mediocre earnings announcement.
Oil led commodities up, gaining 1.68 to 107.58 on the news from Bazra about supply problems. While not really significant in the big picture of oil, every little thing gets magnified in a big way. Adding to worries, Lehman (LEH) fell 10% on rumors that the 4th largest investment bank may see a run like Bearn Stearns had a couple of weeks ago.
No comments:
Post a Comment