10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – U.S. stocks traded in a tight range as investors braced for more loan losses. UBS analysts raised his target of loan losses by $200 billion to $350 billion.
In London FTSE 100 Index closed lower 91.70 or 1.56% to 5,787.60, in Paris CAC 40 Index decreased 86.86 or 1.79% to close at 4,771.79 and in Frankfurt DAX index lower 129.85 or 1.87% to close at 6,832.43. In Zurich trading SMI decreased 148.99 or 1.99% to close at 7,353.00.
North American Markets indexes
Dow Jones Industrial Average lost 28.77 or 0.23% to a close of 12,348.21, S&P 500 closed up 1.13 or 0.08% to 1,349.99, and Nasdaq Composite Index traded down 10.74 or 0.46% to a close of 2,321.80. In Toronto TSX Composite closed up 7.32 or 0.06% to close at 13,215.35.
Of the 30 stocks in Dow Jones Industrial Average, 12 closed higher, 18 closed lower, and none were unchanged.
Honeywell International led the decliners in the Dow Jones with a loss of 2.6% followed by losses in Intel of 1.7%, in Do Pont of 1.6%, in United Tech of 1.5%, and in American Express of 1.3%. JP Morgan Chase led the gainers in the index with a rise of 1.5% followed by increases in Hewlett Packard of 1.4%, in AIG of 1.4%, and in Merck of 1.3%.
Of the stocks in S&P 500, 238 closed higher, 255 fell, and 7 were unchanged. Of the index stocks, 63 rose more than 3% and equal number of 9 stocks fell more than 3%.
Clear Channel led the gainers in the index with a rise of 7.4% followed by increases in Kraft Foods of 6.9%, in Campbell Soup of 6.1%, in Cigna of 5.7%, and in Bear Stearns of 5.5%. Consol Energy led the decliners in the index with a fall of 6% followed by losses in Circuit City of 4.9%, in Pulte Homes of 4.8%, and Centex of 4.6%, and in Whole Foods of 4.2%. Discover Financial, Liz Claiborne, Amazon.com, and MEMC Electric Material gained more than 3.5%.
South American Markets Indexes
In Latin Markets Peru led the decliners in the region with a fall of 2.37% followed by decreases in Mexico of 1.31%, in Brazil of 0.89%, in Chile of 0.76%, and in Venezuela of 0.12%. Colombia edged higher by 0.06%.
In Tokyo Nikkei 225 Index closed lower 3.89 or 0.03% to 13,622.56, in Hong Kong Hang Seng index increased 126.75 or 0.53% closed to 24,148.43. Australia ASX 200 index decreased 78.20 or 1.38% to close 5,606.60.
In South Korea Kospi Index decreased 2.68 or 0.16% to close at 1,694.77, in Thailand SET index closed lower 5.46 or 0.66% to 826.65 and Indonesia JSE Index edged increased 12.55 or 0.47% to 2,688.19. Sensex index in India increased 348.60 or 1.96% to 18,115.25.
Bond Yields decreased on 10-year U.S. bonds to 3.77% and on 30-year bonds fell to 4.58%.
Commodities, Metals, and Currencies
Crude oil added $0.24 to close at $95.70 per barrel for a front month contract, natural gas decreased 9 cents to $8.68 per mBtu, and gasoline futures increased 1.820 cents to close at 249.40 cents per gallon.
Gold decreased $4.80 in New York trading to close at $906.00 per ounce, silver closed down 13 cents to $17.125 per ounce, and copper for front month delivery increased 3.80 cents to 353.00 per pound and in London copper futures decreased $112.00 to $7,700.00.
Wheat futures rose 1.00 cents in Chicago trading and closed at $10.42 per bushel. Sugar increased 0.16 cents to 13.79 cents per pound. Soybean future closed up 5.75 cents to $13.91 per bushel.
Dollar edged lower but traded near record lows against euro to $1.4678 and edged lower against yen to 107.78.
12:00PM New York – Estimates of more losses left U.S. stocks in a lurch.