Closing Bell 08.30.07

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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.

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