Undecided. This was one of those days markets couldn't figure out what to do. Dow ended up 29, advancers over decliners almost 2-1 while NAZ eaked out a 3 point gain. NYSE volume came in under 1.2B, very low. Dow only had 8 winners, with 3 eaking out a tiny gain (under 10¢). Bank of America earnings announcement dominated the news today. This was a source of relief but after the huge rebound gains last week, difficult to follow thru. Below are listed major financials with their mixed performance:
BAC 28.56 up 1.07, 4% 147,478,651
USB 27.25 down 1.14, 4% 25,558,819
LEH 18.32 down 0.79, 4% 40,166,761
WB 13.18 up 0.21, 2% 101,861,574
FNM 14.13 up 0.73, 5% 105,736,514
FRE 8.75 down 0.43, 5% 72,271,009
The Alerian MLP index shot up 7.82 to almost 281, one of the biggest gains in its history! Many of the ones I follow gained more than 1. They were helped by a 2.16 gain for oil as traders worried about the storm called Dolly. REITs were strong but not as exciting gains as for MLPs. Junk bond funds continue to drag around their lows.
Apple (AAPL) reported earnings that didn't satisfy investors, down over 5 in after hours trading. This could make for a rough start for techs tomorrow. Tomorrow will also see a lot of financial reports highlighted by Wachovia (WB) which had an up day but down from its highs.
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