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Market Update : 
U.S. Stocks Fell on Inflation Fears
Author: 123jump.com Staff
123jump.com
Last Update: 5:12 PM EST February 06 2008


U.S. stocks edged lower after trading down, up, and dow at close. The talks of inflation fighting from the Philadelphia Fed President weighed on the market. Earlier, in the mornig, market digested a drop in oil price on the weekly crude oil inventory report and a rise in productivity in the last quarter and in 2007. Earnings from Disney and Time Warner lifted the sentiment. Toll Brothers reported senventh quarter of declining earnings.

 
10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – U.S. stocks edged lower after trading down, up, and down in the session. CME Group operator of Chicago Mercantile Group fell 18% after a possible delay in a merger with Nymex.

European Markets

In London FTSE 100 Index closed higher 7.40 or 0.13% to 5,875.40, in Paris CAC 40 Index increased 39.57 or 0.83% to close at 4,816.43 and in Frankfurt DAX index higher 82.26 or 1.22% to close at 6,847.51. In Zurich trading SMI increased 48.04 or 0.64% to close at 7,565.45.

North American Markets indexes

Dow Jones Industrial Average lost 65.03 or 0.53% to a close of 12,200.10, S&P 500 closed down 10.19 or 0.76% to 1,326.45, and Nasdaq Composite Index traded down 30.82 or 1.33% to a close of 2,278.75.

In Toronto TSX Composite closed down 64.75 or 0.50% to close at 12,867.20.

Of the 30 stocks in Dow Jones Industrial Average, 8 closed higher, 22 closed lower, and none were unchanged.

General Motors led the decliners in the index with a fall of 2.9% followed by losses in Boeing of 2.2%, in Hewlett Packard of 1.9%, and in Microsoft of 1.9%. The Walt Disney led the gainers in the index with a rise of 4.7% followed by increases in Caterpillar of 0.7%, in Coca Cola of 0.5%, and in Procter & Gamble of 0.4%.

Of the stocks in S&P 500, 168 closed higher, 327 fell, and 5 were unchanged. Three stocks rose more than 3% and two hundred and seventy one stocks fell more than 3%.

CME Group led the decliners in the index with a fall of 18% followed by losses in Harman International 15.4%, in Micron Technology of 10.8%, and in Centex of 8%. JDS Uniphase led the gainers in the index with a rise of 26% followed increases in Polo Ralph Lauren of 10%, in Thermo Fisher 7.5%, and in Tyco Electronics of 6.6%.


South American Markets Indexes

In Latin Markets Brazil led the decliners in the region with a loss of 3.46% followed by decreases in Colombia of 2.65%, in Argentina of 0.74%, and in Mexico of 0.56%.

Chile gained 1.1% and Peru advanced 0.74%.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 646.26 or 4.70% to 13,099.24, in Hong Kong Hang Seng index decreased 1339.24 or 5.40% closed to 23,469.46, in Australia ASX 200 index lower 183.50 or 3.17% to close 5,609.40.

Thailand SET index closed lower 13.05 or 1.62% to 794.63, and Indonesia JSE Index edged decreased 65.16 or 2.41% to 2,639.09. Sensex index in India decreased 523.70 or 2.81% to 18,139.49. Market of South Korea was closed today.


Bond Yields decreased on 10-year U.S. bonds to 3.59% and on 30-year bonds gained to 4.36%.

Commodities, Metals, and Currencies

 



 
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