Oil Dips, Markets Fall, Inflation Climbs

By | TradingMarkets.com | August 04, 2008 05:16 PM
Symbols: MOT, FSYS, RRC, PSPT

The major stock indexes fell today due to continuing credit worries and climbing inflation. The DJIA fell -43.15 to 11283.17 after being in positive territory for some of the day on falling oil prices, the Nasdaq gave back -25.40 or 2285.56 and the broad based S&P gave back -11.29 to 1249.02.


Range Resources ( RRC | Quote | Chart | News | PowerRating) - This rocky deposit natural gas producer led the S&P 500 lower, falling 12.92% or $6.33 to $42.68 due to plummeting oil and natural gas prices


Fuel Systems Solutions ( FSYS | Quote | Chart | News | PowerRating) got the thumbs up from Mad Money Host, Jim Cramer, and climbed 1.40% or .53cents to $37.14/share on the endorsement


People Support ( PSPT | Quote | Chart | News | PowerRating) - The outsourcing specialist roared ahead 25.50% or $2.43 to $11.96/share on news of being acquired by India’s Essar Group


Motorola ( MOT | Quote | Chart | News | PowerRating) climbed 11.46% or $1.01 to $9.82 on news of its hiring former QCOM chief, Sanjay Jha, as co-CEO.


Oil fell $4.25 to $120.85/barrel on easing of storm concerns. Gold gave back $15.40 to $902.10 and the VIX added 4.08% to 23.49.









Market Snapshot
















Dow

 -43.15 11283.17








NASDAQ

 -25.40 2285.56






S&P 500

 -11.29 1249.02












Economic
News




Consumer Confidence (Jul): Consensus 50.0, Prior 50.4


ADP Employment (Jul): Consensus -60K, Prior -79K


Crude Inventories (07/26): Consensus NA, Prior -1558K


Chain Deflater (Q2): Consensus 2.3%, Prior 2.7%


Employment Cost Index (Q2): Consensus 0.7%, Prior 0.7%


GDP-Adv. (Q2): Consensus 2.3%, Prior 1.0%


Initial Claims (07/26): Consensus 395K, Prior 406K


Chicago PM (Q2): Consensus 49.0, Prior 49.6


Auto Sales (Jul): Consensus NA, Prior 4.9M


Truck Sales (Jul): Consensus NA, Prior 5.0M


Average Workweek (Jul): Consensus 33.7, Prior 33.7


Hourly Earnings (Jul): Consensus 0.3%, Prior 0.3%


Nonfarm Payrolls (Jul): Consensus -75K, Prior -62K


Unemployment Rate (Jul): Consensus 5.6%, Prior 5.5%


Construction Spending (Jun): Consensus -0.3%, Prior -0.4%


ISM Index (Jul): Consensus 49.2, Prior 50.2

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Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: August 04, 2008
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