Closing Bell 09.12.07


Sponsored by the Financial Times.
Slow day all around as trading floors were more preoccupied with eating contests than stock trading. Volume on the New York Stock Exchange hit a low 1.1 billion shares. Does Stevie Cohen trade during Rosh Hashanah? With trading so light, volatility kicked up a bit.
The major indexes dipped a bit but were mostly flat. DJIA down -16.74 at -0.13%. S&P 500 up 0.7%. Nasdaq down -5.40 at -0.21% Russell down -4.37 at -0.56%. And the sad 10-YR Note -/9/32 at -0.26%
The only busy people seem to be the commodities traders. After a steady climb after OPEC’s conference with oil robber-barrons, prices for crude hit $80 per barrel then retreated a bit to 79.79. It ended up $1.56 or 1.99% from the previous day.
The financial sector had a poor showing, ending down 0.2%. Tech faired poorly too. The other major sectors of the market—consumer staples, energy, heath care, industrials and utilities—all gained.
Remember a month ago when everyone was making fun of ordinary people for fearing a recession when the economists were totally saying one wasn’t going to happen? Well, the economist are becoming a bit more ordinary. According to a survey of 52 economists for the relating to the Fed and the odds of an impending recession: (they) pegged the recession risk at 36%, up from a 28% probability a month earlier. Three-fourths of the 52 economists responding to the recession question put the odds at or above 30% and 11 put the odds at 50% or better. The range was wide -- from 5% to 90%.

--Silas Greenback contributes to Closing Bell.
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