Tuesday, December 8, 2009

MarketWrap for 12/8/09-Stocks slide for 4th time in past 8 sessions...

Stocks and commodities were weak the entire session today as  cautionary comments about the U.S. debt rating and strength in the U.S. dollar weighed on the minds of market participants.  Broader sentiment remains mixed as investors continue to assess the market's near-term direction.  Weakness in the broader market handed the S&P 500 its second straight loss and its fourth decline in eight sessions. The split between advancing sessions and declining sessions comes as investors try to determine the near-term direction of trade after stocks repeatedly failed to hold new their 2009 highs last week.  The most notable rollover came as stocks faltered after an impressive monthly payrolls report last Friday.  That move may suggest that the positive economic news had already been priced into the stock market and that something more is needed to help stocks hold gains amid a simultaneous advance by the dollar.  Sellers also were active due to news from The Wall Street Journal that Moody's Investors Service believes the U.S. and U.K. need to trim their respective deficits in order to help protect against a downgrade to their triple-A ratings.  

The Dow Jones Industrial Average fell 104.14 points, or 1%, to 10285.97, its biggest decline since Nov. 27.    The S&P 500 Index also closed down 1% to 1091.  The NASDAQ closed down 16 points at 2,173.  Volume was light on the New York Stock Exchange, with 1.18 billion shares changing hands, below last year's estimated daily average of 1.49 billion, while on the NADAQ, about 1.97 billion shares traded, also below last year's daily average of 2.28 billion.

1 comment:

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