El: FWIW Here is the Briefing.com final segment of its running commentary on today's market.
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Close Dow -27.17 at 9297.61, Nasdaq -36.15 at 2259.03, S&P -10.64 at 1225.52: Equity market in quite a stupor these days, having been hit with a left-right combination of rising interest rates and growing skepticism over earnings prospects for the tech leaders due to pricing pressures and lower than expected PC sales... For a while today, it looked as if those concerns were going to be brushed aside as stocks and bonds were rallying in unison... This symbiotic relationship, however, was undermined in the afternoon trade as stocks came under persistent selling pressure amid growing concern that 3Com (COMS -5) would be announcing a Q3 earnings warning... The selling pressure began to be applied around 13:00 ET, but up until that point, the market was making a decent advance on the back of solid gains in the airline, retail, financial, and Internet stocks... In addition, Hewlett-Packard (HWP +2 3/4), which announced a restructuring plan, gave the market a noticeable boost, gaining more than 7 points when it opened for trading... The gains, though, soon dissipated in a tech-led selloff that was focused on big-cap technology stocks... Selling interest carried over to the broader market, yet blue chip losses were held in check thanks, in part, to the airline and brokerage shares... After being upgraded at Goldman Sachs, the former fueled a 53-point gain in the DJTA... Citigroup (C -2 1/4) and American Express (AXP -1 13/16) led the Dow's modest retreat... 30-yr bond +26/32 at 5.62%, helped by a short covering rally that followed on some weaker than expected housing data... DJUA -0.30.. SOX -12.78.
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