Wednesday, August 6, 2008

8/6/08 Market Gains as Oil Prices Fall for 3rd Straight Day

The Dow gained 40.30 today to close at 11,656.07. NASDAQ was up 28.54 closing at 2378.37 and the S&P 500 gained 4.31 to 1289.19. The good day was caused by large-cap techs, mainly Cisco (CSCO) gaining 1.31 to close at 23.96 and Microsoft (MCFT) gaining .80 to close at 27.01. The other good news was crude oil falling .7% to 118.37 per barrel - this is the third straight day we've seen crude drop. The bad news was Freddie Mac (FRE) falling 1.54 to close at 6.50 on news they were significantly increasing their reserves for bad loans. That is it for today from the land of the peaches.