oct 31.. market summary. the week of 500pt. drop
Market Snapshot
30-yr. bond -2/32 to yield 6.15%
Hong Kong +2 1/2%, Tokyo +1/2%, Europe near
flat
Q3 GDP +3.5%, Deflator +1.4%
Sentiment driven market
NYSE:
Nasdaq:
Advancers
Decliners
Volume
2081
861
634 mln
Advancers
Decliners
Volume
2933
1617
710 mln
Sector Watch
Tech Tape
Strong: banks, tobacco; health care;
computers; retail; brokerage
Weak: papers; gold; HMOs; auto; publishing
CPQ
DELL
IBM
SUNW
AOL
+2 5/8
+2 1/8
+2 9/16
+1 3/8
+1 5/16
MSFT
NSCP
ORCL
INTC
MU
+1 3/8
-1/8
+2 1/32
+1 1/4
+1 5/8
AMAT
CSCO
WDC
LU
+1 7/16
+2 3/32
+9/16
+1 1/16
After the Close: Total decline for the week on the major averages: Dow -3.50%; Nasdaq -3.50%;
S&P 500 -2.87%; and the Russell 2000 -3.20%... And where they stand on a YTD basis: Dow
+15.41%; Nasdaq +23.44%; S&P +23.47%; Russell 2000 +19.48%.
Close Dow +60.41 at 7442.08, Nasdaq +23.19 at 1593.60, S&P +10.92 at 914.62.: Another
October has come and gone, and this one certainly lived up to expectations... During the month, the
Dow recorded its biggest one-day point decline in history (554), and then followed up that
performance with its largest one-day point gain ever (337)... The latter occurred amidst record volume
as more than one billion shares were traded on the NYSE for the first time in the history of the
exchange... That same day, the Nasdaq also topped one billion shares in volume, and ended with its
largest ever point gain (68)... If nothing else, October certainly proved exciting, and disturbing, as
currency concerns in Hong Kong and Latin America reverberated throughout the global economy, and
triggered a wave of selling interest in equity markets around the world as investors expressed concern
over the prospects of slower profit gowth... In the process, these concerns also cast light on the lofty
valuations at which many companies were trading, and as a result, profit taking hit on all fronts...
Today, however, was a different story as the U.S. market finished October on a positive note thanks
to a rebound in the tech sector and a GDP report that showed faster than expected growth amid a
backdrop of low inflation... As such, investors found comfort in the idea that our strong economy
would help offset an economic slowdown abroad... Buying interest was widespread, but focused
largely on technology issues which have been perceived by many as offering the best "bargains" in the
market in light of the recent sell off... Also providing some leadership today were the financial, retail,
health care, and tobacco stocks... Breadth favored advancers 2081 to 861 on NYSE volume of 634
mln shares... On the Nasdaq, advancers beat decliners 2933 to 1617 on volume of 710 mln shares...
DJTA +39.63... DJUA +1.26... SOX +9.35... CRB -0.52. |
