A late day buying surge failed to keep the Nasdaq and Dow from snapping their 4-day winning streak but it was just a 42 point loss on the Dow after that index traded 100points during the session and Nasdaq lower by 15 points. Energy stocks lost their steam as oil futures fell nearly 3% as a result of a stronger dollar and oil supply being up because a barrel of oil is now a dollar above the USD 50 per barrel mark.
Here is a verbatim transcript of Margaret Brennan’s comments:
A late day buying surge failed to keep the Nasdaq and Dow from snapping their 4 day winning streak but it was just a 42 point loss on the Dow after that index traded 100points during the session and Nasdaq lower by 15 points.
The Dow pared its losses in part due to buying of defence stocks; they got a boost on the news that Pentagon is changing the way that it spends its money.
Two prominent Wall Street analysts released varied different news on health of the financial sector; one saying that the worst is behind us and the other saying the worst is yet to come. As a result selling dominated the banking sector. Morgan Stanley down 3%, Goldman Sachs lower than 2% and Tech sold off following the word that one of the biggest tech mergers in a long time may not in fact be happening.
IBM 7 billion dollar proposal takeover of Sun Micro Systems looks like it collapsed over the weekend when the two companies just couldn’t come to terms on a selling price for Sun and shares of Sun tumbled nearly 23% on Monday’s session, IBM fractionally lower.
Energy stocks lost their steam as oil futures fell nearly 3% as a result of a stronger dollar and oil supply being up because a barrel of oil is now a dollar above the USD 50 per barrel mark.
Source: Moneycontrol
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