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Major Indexes Fighting an Uphill Battle
By John Patrick Lee | TradingMarkets.com | January 16, 2008
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The major indexes have recovered some early morning losses to trade mixed, but mostly lower. Stocks opened the day with a jump, but fell as traders sold stocks on bad news from Intel and an overall negative market atmosphere. The Dow has recovered all losses to trade flat, while the S&P is slightly lower and the Nasdaq is trading significantly lower.

JP Morgan Chase (JPM | Quote | Chart | News | PowerRating) rallied close to 4% today after announcing a Q4 writedown that was less than expected (full story).

Intel (INTC | Quote | Chart | News | PowerRating) fell as much as 13%, after reporting Q1 sales that just missed earnings estimates (full story).

Sun Microsystems (JAVA | Quote | Chart | News | PowerRating) rallied 6% after announcing plans to buy software company MySQL Ab for around $1 billion, and reporting that last quarter's profit exceeded expectations (full story).

Mattel (MAT | Quote | Chart | News | PowerRating) rallied just under 7% after an upgrade.

Gold prices and crude futures both plummeted today on concerns for the global economy. Both gold and crude fell more than 2% during morning trading.

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Market Snapshot

Dow

+20.41 12518.92

NASDAQ

- 19.13 2398.46

S&P 500

- 2.74 1378.21
Strongest/Weakest Industry Groups

Strongest Industries

% Change

Weakest Industries

% Change
Lodging
+3.34%
Nonmetallic Minerals and Mining
-5.90%
Diversified Food
+3.29%
General Contractors
-5.23%
Home Furnishing Stores
+3.12%
Agricultural Chemicals
-4.46%

Economic News
U.S. consumer prices rose 0.3% in December, less than expected.

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