After markets were down midday, an afternoon rally gave modest gains. Dow ended up 32, but decliners were ahead of advancers 3-2 & NAZ was up 12. There were 626 new lows on NYSE led by: C, JPM, WFC, MER, TXN, AIG, FRE, USB, UBS, HD, & PG (6 of these 11 are Dow stocks). Volume was 1.6B, like yesterday. Volume is above previous low levels, but not exceptional & may just be evening out portfolios before & after qtr end. Some of the rally in the PM was stimulated by General Motors (GM), up 25¢, reporting June sales better than the worst fears (their version of good news). Meanwhile, Toyota (TM), down 34¢, reported a 21% sale decline in June sales. You know business is bad when GM gains at the expense of Toyota. Banks had a very good day after being down 5% at midday. Bank of America (BAC) had been down over 1 but ended up with only a 6¢ loss. Not bad except it's still 10 (that's TEN $) below the Mar lows. Another analyst talks about banks needing billions $ more. Oil was up 1 to 141 after its usual volatile day.
Today's movements were typical of recent confusing markets. Banks were long over do for a relief rally. Many are down 20% in the last 2 weeks. But major problems continue: housing, credit crunch, high oil prices, etc. This is a holiday shortened week, not a lot is expected. Let's see what tomorrow brings!
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