8/18/08 Market Falls on Light Volume as Profits are Taken

The Dow dropped 180.51 to close at 11479.39; the S&P 500 lost 19.60 closing at 1278.60 and NASDAQ closed at 2416.98 down 35.54. Profits were taken as trading was light today and oil prices increased to 112.97 per barrel. Fannie Mae (FNM down 1.76 to close at 6.15) and Freddie Mac (FRE down 1.46 to close at 4.39) hit their lowest levels in 20 years. The 10 yr. Treasury Bill was up .06 to drive the yield down to 3.81. The dollar snapped a three day run of advances and came off its 6 month high to close at 1.4753 per Euro down from 1.4688. That's it today from the Sunshine State.