Closing Bell: 08.27.07

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Closing Bell rung by the Financial Times.
More jittery light volume pre-Labor day trading resulted in lower major U.S. indexes. The Dow finished down 0.4%, the Nasdaq finished down 0.6% and the S&P led the losers with a 0.9% tumble, with all 10 S&P sectors trading lower.
Financial stocks dipped, with Bear and Lehman losing 4% on the day and JPMorgan losing 2% to nearly bottom out the worst of the Dow performers (JPMorgan was the second worst performing Dow component on the day). Utilities dipped, with Exelon and American Electric Power losing 3% each.
Asian markets finished higher on the day and European markets were mostly mixed to higher.
Tomorrow minutes of the last Fed meeting will be released, which would be more newsworthy if they weren’t already dated by the August 16 conference call and emergency Fed action. The transcript of that hot number won’t be released until October. The S&P/Case-Shiller housing-price index numbers also come out tomorrow, and are expected to show continued price declines.
Come in for the real thing at FT Alphaville.

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