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The major averages began the day in positive territory but
shortly thereafter moved below the unchanged line. A rally took
place shortly after 1:30 P.M. that brought the Dow briefly above
the unchanged line. But downward pressure once again infiltrated
stocks, as lingering fears within the credit market continue to
plague investors.
The early gains were attributed to news that Bank of America
(BAC | Quote | Chart | News | PowerRating) would invest $2 billion in beleaguered Countrywide
Financial (CFC | Quote | Chart | News | PowerRating). The gains were momentary, as many
investors resorted to profit taking, selling their shares for
meager gains.
Crude oil future prices for September rose by 0.8% to $69.83 a barrel, after hitting an 8-week low yesterday. Gold futures for December delivery fell fractionally to $668.40 an ounce.
Around Europe, Germany's DAX index rose 0.15% to 7,511.96, France's CAC 40 index added 0.1% to 5,523.33, and Britain's FTSE 100 closed flat at 6,196.90.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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