Financials and the technology sector led a late session rally, as all three major U.S. indices rebounded to finish with solid gains.
Economic Reports:
- Pending Home Sales show a 4.7% decline for the month of May, significantly down from a revised 7.1% increase the prior month - Full story;
- Wholesale Inventories show a 0.8% increase for the month of May, down from a revised 1.4% increase the prior month - Full story;
- Consumer Credit increased by $7.8 billion for the month of May, consistent with the revised $7.8 billion increase from the prior month - Full story.
Pepsi Bottling Group reports 2nd-qtr earnings of $0.78/share, up from $0.70/share in the year ago period - Full story.
General Motors Corp. is considering cutting some brands and eliminating more white-collar jobs in an effort to deal with the shrinking U.S. auto market - Full story.
As expected, ConocoPhillips' production fell in the 2nd-qtr, dropping the equivalent of approximately 60,000 barrels per day - Full story.
Microsoft Corp. supports Carl Icahn's effort to oust Yahoo Inc.'s current board, possibly encouraging the software maker to renew its offer - Full story.
IndyMac Bancorp Inc. plans to cut more than half of its workforce, approximately 3,800 jobs, due to a continued struggle to raise capital - Full story.
Oil fell more than $5 barrel Tuesday to finish at $136.04, a level not seen since the latter part of June - Full story.
Major overseas markets have posted lower results for Tuesday. London's FTSE was down 1.31%, Frankfurt's
DAX closed down 1.43%, and Paris' CAC finished down 1.54%. Japan's Nikkei was down 2.45%, Hong Kong's Hang Seng closed down 3.16%, and
Sydney's All Ordinaries Index finished down 1.36%.
Economic Calendar
Wed: No Reports Today;
Thurs: Initial Jobless Claims;
Fri: Export/Import Prices, Trade Balance, Michigan Sentiment (Prel) and Treasury Budget.
Aaron Jacobs - News Editor
aaron.jacobs@mworld.com
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| | Market Close (07/08/2008) | | Trading Volume(mil): | | NYSE: 1728 | | NASDAQ: 2499 |
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| | Key Indicators | | | World Markets: | | Amsterdam EOE | 402.8 | -8.3 | Tue 12:07 | | Brazil Bovespa | 59,535.9 | +447.7 | Tue 16:13 | | Frankfurt DAX | 6,304.4 | -91.3 | Tue 11:45 | | FTSE™ 100 | 5,440.5 | -72.2 | Tue 11:35 | | Hang Seng | 21,220.8 | -692.3 | Tue 04:35 | | Madrid General | 1,268.7 | -18.4 | Tue 11:25 | | Mexican IPC | 28,551.3 | +167.7 | Tue 16:00 | | Milan Stock Exchange | 21,883.0 | -453.0 | Tue 11:40 | | Nikkei Dow | 13,033.1 | -326.9 | Tue 02:28 | | Paris CAC 40 | 4,275.6 | -67.0 | Tue 12:20 | | Seoul Composite | 1,533.5 | -46.3 | Tue 03:27 | | Shanghai Composite | 2,815.0 | +22.5 | Tue 03:00 | | Stockholm General | 269.1 | -5.4 | Tue 11:44 | | Straits Times | 2,886.6 | -47.5 | Tue 05:10 | | Swiss Zurich | 6,788.1 | -27.6 | Tue 11:31 | | Sydney All Ord | 5,022.4 | -69.3 | Tue 02:26 | | Toronto Exchg | 13,809.0 | +97.0 | Tue 17:05 |
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