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Broader Averages Decline 1%
Dec 27, 4:45 PM EST |
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| Repeating a familiar trading pattern borader averages, S&P, DOW and NASDAQ dropped by 1% at close. |
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| The difference in yield between short and long term yield shrank close to zero sparking a debate on probability of recession in the coming quarters. Retail stocks failed to rally on the news of stronger holiday sales than a year ago. Natural gas price fell 10% in the session and has dropped close to 25% in less than ten trading days. |
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Oil and Tech Stocks Fall
Dec 27, 12:44 PM EST |
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| Shares of Guidant fell after it received a warning letter from the Food and Drug Administration about its manufacturing, research and sales center. |
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| A decline in oil and natural gas prices, optimism on holiday shopping season, and a $2.5 billion aircraft order for Boeing sent averages modestly higher at the opening of Tuesday session. At mid-day stocks changed direction as investors locked in early gains and the major averages moved into the negative territory with the Nasdaq being the biggest decliner. |
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$2.5 B Order for Boeing
Dec 27, 10:29 AM EST |
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| Dow component Boeing Co. received an aircraft order of more than $2.5 billion from Russian carrier Aeroflot. |
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| After the long holiday weekend U.S. stock markets opened higher, boosted by a decline in oil prices, gains in Caterpillar, Boeing and Honeywell, and signs that retailers had respectable holiday sales with U.S. consumer spending up 8.7% during the holiday shopping period. As many traders are still away for the holiday and no major news is scheduled for the day, a day of light trading is expected with traders focused on treasury notes. |
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Oil Prices Slip 1%
Dec 27, 8:15 AM EST |
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| Crude oil prices fell to $57.60 a barrel on mild weather and sufficient supplies. European gold declined. The U.S. dollar traded mixed. |
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| Asian-Pacific benchmarks finished mixed with several bourses still closed. The Nikkei dropped 0.9%, retreating from record highs on consumer prices data. European sttocks slightly advanced at mid-day with Belgium brewing company InBev in the spotlight. Guidant warned that its Q4 profit will fall short of estimates. The company projected earnings in the range of 17 cents to 23 cents per share on revenue of $790 to $820 million. |
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