Size - Size +
Premium Feature Welcome:
Index | My Account

Today's Market Update with...

Ron Romaine, Value Line's Senior Industry Analyst


Stocks and interest rates fall as oil hits another record.

At noon today, after a bad day in Europe where all but one national market declined, there was red across the Street. The Dow Jones Industrials had lost 118 points, to 12,748; the S&P 500 was down 11, to 1387; the NASDAQ Composite had given up 21, to 2439; the Russell 2000 small cap index was off 2 and change, to 717; and the equally weighted Value Line arithmetic index had fallen 9 points, to 2155. Leading the Dow's decline were American International (AIG), General Motors (GM), United Technologies (UTX), and DuPont (DD), retreating 2% to 7.8%. No Dow 30 stock was up a percent or more. NASDAQ losers featured Steel Dynamics (STLD), Hansen Natural (HANS), Focus Media (FMCN), and Level 3 (LVLT), slipping 3.4% to 5.6%. Leap Wireless (LEAP), Activision (ATVI), Nvidia (NVDA), and Liberty International (LINTA) advanced 4.1% to 8.6%.

After touching a record $126 a barrel, the near-month crude oil contract was at $124.92 a barrel, up a percent, and the current natural gas contract was up a percent, to $11.40 per thousand cubic feet, the highest quote in over two years. Gold eased $5, to $887.10 an ounce.

Finally smelling recession, bonds, ever contrarian, rose, pushing rates down 6 basis points, to 3.75% for the 10-year Treasury note and 4.51% for the 30-year bond.


Factual material is obtained from sources believed to be reliable, but the publisher is not responsible for any errors or omissions, or for the results of actions taken based on information contained herein. Nothing herein should be construed as an offer to buy or sell securities or to give individual investment advice. © 2008 Value Line Publishing, Inc. RIGHTS OF REPRODUCTION AND DISTRIBUTION ARE RESERVED TO THE PUBLISHER. The Publisher does not give investment advice or act as an investment adviser. Value Line, Inc., its subsidiaries, its parent corporation and its subsidiaries, and their officers, directors or employees as well as certain investment companies or investment advisory accounts for which Value Line, Inc. acts as investment advisor, may own stocks that are mentioned on this Value Line Web site.