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Market Update : 
Nasdaq Down 2%; Plunges 24% in Six Months
Author: 123jump.com Staff
123jump.com
Last Update: 12:35 AM EDT March 10 2008

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Financial and insurance companies fell sharply as investors worried that the current quarter earnings may be lower than estimated. Bear Stearns led the decline after several of its uderwritten bonds were downgraded by a rating agency. Fannie Mae and Freddie Mac fell on the worries that they may need to raise capital in the face of rising losses. Merrill, Morgan Stanley, Bear Stearns, and Wachovia traded at several-year lows. Oil closed at a record high near $108 a barrel.

 
Bond Yields decreased on 10-year U.S. bonds to 3.45% and on 30-year bonds declined to 4.46%.

Commodities, Metals, and Currencies

Crude oil increased $2.73 to close at $107.88 per barrel for a front month contract, natural gas increased 26 cent to $10.02 per mBtu, and gasoline futures increased 2.16 cents to close at 271.59 cents per gallon.

Gold decreased $2.40 in New York trading to close at $971.80 per ounce, silver closed down 46 cents to $19.79 per ounce, and copper for front month delivery decreased 12.65 cents to 379.50 per pound.

Wheat futures increased 58.00 cents in Chicago trading and closed at $11.63 per bushel. Sugar decreased 22 cent to 13.14 cents per pound. Soybean future closed down 2.250 cents to $14.06 per bushel.

Dollar edged lower and traded near a record low against euro to $1.5348 and edged lower against yen to 101.7250.
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