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The volatility trend continued today. The Dow Jones Industrial Average took a nosedive after the opening bell, recovered midday to the greensward and then fell right back down into the river of red. It closed down 50.56 to to 13238.73. The S&P stumbled 6.12 to 1457.64. Technology stocks did better, boosting the Nasdaq Composite. It gained a bit to close up 2.14 at 2565.30.
Share of Wall Street financial companies took a pounding. Bear Stearns, Goldman Sachs Group, Merrill Lynch and Morgan Stanley tumbled down after Lehman Brothers Holdings cut earnings forecasts for the firms.
It’s the penultimate day before the long Labor Day weekend, and volume was as light as you’d expect.
“My main question today wasn’t what I should trade. It was how I could get one of my vendors to invite me out to the Maria Sharapova match tonight,” one trader told us. We told him to get us a ticket too.
Market intelligence from people who aren’t off for Labor Day: FT Alphaville.
Posted by Raging Xenophobe, Aug 30, 2007 4:55PM
Has it really come down to this, under the auspices of 'national security?'
NEWS STORY FOR N. 6417 (Source: DJ)
16:51 08/30 DJ US Sen Dodd Tells Tsy To Review Any Foreign Invest In Seagate
Recently, the New York Times reported that Seagate Chief Executive William
Watkins said a Chinese firm is looking to purchase a U.S. disk-drive
manufacturer. The newspaper also quoted Watkins as saying Seagate isn't forsale.
"While Seagate officials recently refuted such reports, I remain concerned
about the possibility of this type of transaction, and its potential national
security implications," Dodd said in a letter to Treasury Secretary Henry
Paulson released by Dodd's office Thursday.