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Market Update : 
Countrywide Buyout Talks Lifted Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 5:02 PM EST January 10 2008


U.S. stocks rebounded after the news that Bank of America is in advacned talks to pruchase Countrywide Financial. Bank of America only few months ago acquired La Salle Bank based in Chicago and has made more than $100 billion of acquisition in the last four years. Countrywide stocks jumped 52% on the speculation but has lost nearly 90% from its peak of $45. Same store sales in December at retailers were weak and sales at apparel stores sell fell. Ann Taylor, Mens Wearhouse, Barnes & Noble fell.

 
[R]5:00PM New York, 11:00PM Frankfurt, 9:00AM next day Sydney[/R]

North American Markets indexes

Dow Jones Industrial Average closed up 117.78 or 0.92% to a close of 12,853.09, S&P 500 closed up 11.20 or 0.79% to 1,420.33, and Nasdaq Composite Index traded up 13.97 or 0.56% to a close of 2,488.52.

In Toronto TSX Composite closed 49.87 or 0.37% to close at 13,629.81.

Of the 30 stocks in Dow Jones Industrial Average, 24 closed higher, 6 closed lower, and none was unchanged.

Intel led the decliners in the index with a fall of 0.92% followed by losses in Altria Group of 0.5%, in American Express of 0.33%, in Microsoft of 0.3%, and I Procter & Gamble of 0.08%.

General Motors led the gainers in the index with a rise of 4% followed by increases in Wal-Mart of 3.2%, in JP Morgan of 2.7%, in Boeing of 2.6%, and in AIG of 2.35%.


Of the stocks in S&P 500, 345 closed higher, 152 fell, and 3 were unchanged.

Nine stocks fell more than 3% and eighty nine stocks rose more than 3%.

The Gap Inc led the decliners with a loss of 7.2% followed by losses in Game Stop of 5.2%, in King Pharmaceuticals of 4.9%, in Huntington Banc of 4.4%, and in Akamai Technology of 4.07%.

Countrywide Financial led the gainers in the index with a rise of 52% followed by increases in E*Trade of 22%, in Washington Mutual of 14.75%, in Tellabs of 12.3%, in MGIC Investment of 11.8%, and in Unisys of Corp of 11.46%.

South American Markets Indexes

In Latin Markets Chile led the gainers in the region with a rise of 2.59% followed by increases in Mexico of 2.41%, in Brazil of 1.34%, in Venezuela of 1.68%, and in Colombia of 0.08%.

Peru led the decliners in the region with a fall of 1.62% followed by decreases in Argentina of 0.24%.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 211.05 or 1.45% to 14,388.11, in Hong Kong Hang Seng index decreased 384.99 or 1.39% closed to 27,230.86, in Australia ASX 200 index lower 9.15 or 0.15% to close 6,078.70.

In South Korea Kospi Index decreased 19.69 or 1.07% to close at 1,824.78, in Thailand SET index closed lower 20.29 or 2.47% to 800.18. Sensex index in India decreased 287.70 or 1.38% to 20,582.08. Financial markets in Indonesia were closed today.

European Markets

In London FTSE 100 Index closed lower 83.80 or 1.32% to 6,272.70, in Paris CAC 40 Index decreased 60.25 or 1.10% to close at 5,435.42 and in Frankfurt DAX index lower 67.28 or 0.86% to close at 7,782.71. In Zurich trading SMI closed higher 23.42 or 0.28% to close at 8,339.81.
Continue..

 


Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.

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