Dow fell, after rising 250 out of the gate, ended down 26, decliners were slightly ahead of advancers while NAZ was down 18. Exxon-Mobil (XOM), Chevron (CVX) & Alcoa (AA), all commodity related, led the Dow lower. The Alerian MLP index slipped 2 to 271, remaining in its trading range for the last couple of months. Oil settled at 109.71 (after recovering from early day lows in the 105s), down 5¾. That sell-off did not carry the day. NYSE volume, while ahead of last week's very low volume, remained weak under 1.2B. At its best, S&P 500 FINANCIALS INDEX was up 11, but ended up 5 at 290. Optimism in the AM gave way to realism in the PM. Lower oil prices sounded very good, but reality sunk in that lower oil prices are caused by lower worldwide demand for oil. Fears that an economic slowdown worldwide will bleed into the strong tech sector gave a big decline for NAZ.
The buyout of Lehman (LEH) by the Korean Development Bank is back on again after going on-off for a few days. The stock is not sure what do make of it, LEH remained little changed at 16.06 as stockholders realize they will not be getting top dollar in any buyout.
Lehman-Korea Deal May Be CEO Fuld's Last Hurrah- Tech
The US and now the worldwide economy are getting greater attention as the slowdown in the US is causing others to slow. The financial mess with massive mortgage writedowns drags on. More macro economic news is coming this week which will give a better understanding on the economic & banking problems.
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