Henwood alert: Pen-lers giddily celebrating a drop in the stock market!
On 7/26/07, Jim Devine <[EMAIL PROTECTED]> wrote:
hey, I just moved all of my TIAA-CREF out of stocks. That shows that economics is indeed a science! On 7/26/07, Louis Proyect <[EMAIL PROTECTED]> wrote: > NY Times, July 26, 2007 > Market Slides on Housing and Oil Worries > By JEREMY W. PETERS > > Wall Street hit a sharp skid today as more worrisome signs about the > health of the housing market emerged and oil prices edged near last > summer's record. > > The Standard & Poor's 500 stock index fell more than 2 percent, dipping > below the 1,500 mark for the first time since last month. The Dow Jones > industrial average tumbled almost 250 points. Losses for the Nasdaq were > equally steep. > > Investors had a lot of bad news to digest, much of it coming from the > distressed housing market. The Commerce Department reported that sales > of new homes dropped 6.6 percent in June, and that sales in previous > months were lower than first estimated. In the last year, new home sales > have fallen 22 percent. > > Also today, there was dismal news out of two major home builders. D. R. > Horton, the nation's second-largest builder, reported a loss of $823.8 > million — far more than Wall Street analysts were expecting. Beazer > Homes reported a loss in the second quarter of $123 million. > > Near-record oil prices also seemed to be rattling investors today. The > price of a barrel of oil on the New York Mercantile Exchange topped $77 > in trading today for the first time since last summer. Prices have > closed above $77 a barrel only once before. > > Exxon Mobil, the world's largest oil company, was battered today on Wall > Street as it reported a drop in earnings during the second quarter. The > company still earned $10.3 billion, but that was lower than analysts had > predicted. Its stock dropped more than 4 percent, weighing heavily on > the Dow average. > > The losses were so sharp at one point that the New York Stock Exchange > engaged its trading curbs, which limit stock orders in the event of wild > volatility. > > Treasury yields dropped considerably and prices climbed today, a sign > that investors were moving assets out of stocks and into the relative > security of the bond market. The yield on the benchmark 10-year Treasury > note fell to its lowest point since May. > -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
-- Sandwichman
