Portfolio Crafter
01-22-2007, 10:37 PM
End of Day Market Summary Monday, January 22, 2007
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Stocks closed sharply lower with the Dow Jones Industrial Average losing more than 100 points at its worst level and the Nasdaq Composite down further as sentiment towards the technology sector soured after disappointing earnings last week. A slide in oil prices following a morning advance failed to reassure investors, amid ongoing concerns that energy prices could further rebound.
Today, the Dow Jones Industrial average closed down 88.37 or 0.7% to 12,477.16, the broader S&P 500 index closed down 7.55 or 0.53% to 1,422.95, and the tech-heavy Nasdaq closed down 20.24 or 0.83% to 2,431.07.
Market breadth was negative. On the New York Stock Exchange, losers topped winners by 20 to 11 on volume of 1.49 billion shares. On the Nasdaq, decliners beat advancers by more than 2 to 1 on volume of 1.93 billion shares.
While investors have welcomed a mostly upbeat start to the earnings period, they continue to show caution after last year's big rally and a rebound in oil prices amid colder northeast weather. Today's stock retreat was an acceleration of what started Friday, and the recent rebound in oil prices seems to have sparked a short-term rotational move out of technology and into commodities. However, the early-year advance and the fluctuations are fairly typical of this time of year, and don't necessarily suggest a change in the overall upward trend of the market.
Shares of Pfizer closed down $0.27 or 1% to $26.95, despite reporting higher earnings on flat sales. Additionally, the company also announced that it would cut 10,000 jobs and shutter 5 plants as part of a broad restructuring. The cuts include the recently announced termination of 2,200 sales representatives in the U.S.
Stock of Boeing close down $3.03 or 3.6% to $85.60, after Wachovia downgraded it to "market perform" from "outperform." Wachovia cited concerns that the commercial-aircraft-order cycle has peaked.
Shares of Citigroup closed up $0.18 to $54.68, on news that it has moved its CFO, Sallie Krawcheck, to the job as head of its Global Wealth Management division. Additionally, Citigroup has also agreed to buy ABN Amro's mortgage Group for an estimated $3 billion. This will increase its customer base by 1.5 million customers.
Shares of Intel Corp. lost 0.1% even after reaching a deal with Sun Microsystems, which will now use Intel chips. Shares of Sun Micro fell 0.4% while Intel rival Advanced Micro Devices, which could suffer a blow from the deal, dropped 1.1%. AMD is now Sun's exclusive source for chips based on the popular x86 design used in most personal computers and servers.
U.S. light crude oil for February delivery closed down $0.86 to $51.13. Prices zigzagged, initially tracking a surge in natural gas amid forecasts for below-average temperatures across much of the U.S and then giving up gains ahead of the expiration of the front-month contract.
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by Portfolio Crafter (http://www.portfoliocrafter.com?a_aid=fiasco)
30-day risk-free trial (http://www.portfoliocrafter.com?a_aid=fiasco)
Stocks closed sharply lower with the Dow Jones Industrial Average losing more than 100 points at its worst level and the Nasdaq Composite down further as sentiment towards the technology sector soured after disappointing earnings last week. A slide in oil prices following a morning advance failed to reassure investors, amid ongoing concerns that energy prices could further rebound.
Today, the Dow Jones Industrial average closed down 88.37 or 0.7% to 12,477.16, the broader S&P 500 index closed down 7.55 or 0.53% to 1,422.95, and the tech-heavy Nasdaq closed down 20.24 or 0.83% to 2,431.07.
Market breadth was negative. On the New York Stock Exchange, losers topped winners by 20 to 11 on volume of 1.49 billion shares. On the Nasdaq, decliners beat advancers by more than 2 to 1 on volume of 1.93 billion shares.
While investors have welcomed a mostly upbeat start to the earnings period, they continue to show caution after last year's big rally and a rebound in oil prices amid colder northeast weather. Today's stock retreat was an acceleration of what started Friday, and the recent rebound in oil prices seems to have sparked a short-term rotational move out of technology and into commodities. However, the early-year advance and the fluctuations are fairly typical of this time of year, and don't necessarily suggest a change in the overall upward trend of the market.
Shares of Pfizer closed down $0.27 or 1% to $26.95, despite reporting higher earnings on flat sales. Additionally, the company also announced that it would cut 10,000 jobs and shutter 5 plants as part of a broad restructuring. The cuts include the recently announced termination of 2,200 sales representatives in the U.S.
Stock of Boeing close down $3.03 or 3.6% to $85.60, after Wachovia downgraded it to "market perform" from "outperform." Wachovia cited concerns that the commercial-aircraft-order cycle has peaked.
Shares of Citigroup closed up $0.18 to $54.68, on news that it has moved its CFO, Sallie Krawcheck, to the job as head of its Global Wealth Management division. Additionally, Citigroup has also agreed to buy ABN Amro's mortgage Group for an estimated $3 billion. This will increase its customer base by 1.5 million customers.
Shares of Intel Corp. lost 0.1% even after reaching a deal with Sun Microsystems, which will now use Intel chips. Shares of Sun Micro fell 0.4% while Intel rival Advanced Micro Devices, which could suffer a blow from the deal, dropped 1.1%. AMD is now Sun's exclusive source for chips based on the popular x86 design used in most personal computers and servers.
U.S. light crude oil for February delivery closed down $0.86 to $51.13. Prices zigzagged, initially tracking a surge in natural gas amid forecasts for below-average temperatures across much of the U.S and then giving up gains ahead of the expiration of the front-month contract.
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