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Market Update Analysis: 
Dow, Nasdaq Down 20%
Author: 123jump.com Staff
123jump.com
Last Update: 7:16 PM EDT July 02 2008


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U.S. stocks fell shaprly as investors feared recession, higher fuel and energy prices and weakening corporate profits. Cyclical stocks of miners, steel makers and industrial companies fell. Coal miners, Peabody and Massey Energy plunged. Transportation stocks fell on record price in crude oil and a prospect of higher energy prices in the near future. Airlines, railroads and freight companies declined. European markets closed lower. Brazil, Canda and Argentina closed down 3% or more.

 
In South Korea Kospi Index decreased 42.86 or 2.57% to close at 1,623.60, in Thailand SET index closed lower 8.58 or 1.12% to 760.01 and Indonesia JSE Index edged decreased 0.33 or 0.01% to 2,378.47. Sensex index in India increased 702.94 or 5.42% to 13,664.62.

Commodities, Metals, and Currencies

Crude oil increased $2.88 to close at $143.85 a barrel for a front month contract, natural gas decreased 10 cents to $13.41 per mBtu, and gasoline futures increased 4.21 cents to close at 355.50 cents per gallon.

Gold increased $2.00 in New York trading to close at $946.50 per ounce, silver closed up 14.00 cents to $18.42 per ounce, and copper for front month delivery increased 15.30 cent to $4.06 per pound.

Wheat futures increased 15.50 cent in Chicago trading and closed at $8.80 per bushel. Sugar increased 26 cent to $13.98 per pound. Soybean future closed up 20.00 cents to $16.30 a bushel.

Dollar edged lower and traded near record low against euro to $1.5882 and rose against yen to 105.92.

Yields on U.S. bonds decreased to 3.97% with 10 years of maturities and decreased to 4.51% with 30-year of maturities.
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