Closing Bell: 09.05.07

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Sponsored by the Financial Times.
Concern that the economy might be as healthy as it seems to everyone who doesn’t work on Wall Street apparently took its toll on stocks today. All the major indexes fell.
The Dow Jones Industrial Average lost 143.39 points, leaving it to close at 13305.47. The S&P 500 scrambled downward 17.13 to 1472.29. The Nasdaq Composite Index chased both down also, dropping 24.29 to 2605.95. 795 stocks rose and 2496 declined, on volume of 974.63 million shares traded in stocks listed on the exchange. Only 795 stocks traded on the New York Stock Exchange rose. 2496 declined.
The top stories that many in the markets focused on were about commercial paper, those new fangled walkmen thingies, and a chicken farm. More concretetly: The goblins of SIVs and conduits haunted Citigroup after the Wall Street Journal pointed out that there really might be monsters under the bed that Sandy Weil built. Those damn ethanol burning cars are threatening to starve the chickens on Tyson’s farm to death, or at least make it more costly to feed them. And you weren’t willing to waste that much money on your iPhone. Oh my God, you cheap SOB, you killed Steve Jobs!
Bonds were instruments of indebtedness today. The dollar remained a fiat currency.
Market Insight so fresh they just had to call it instant. Available at FT Alphaville.

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