9/30/08-Market Gains Back Half of Yesterday's Loss

9/30/08-The Dow bounced back gaining 485.21 to close at 10,850.66 today; NASDAQ closed at 2,082.33 up 98.60 while the S&P 500 was up 58.22 to close at 1,164.74. Oil gained $.427 per barrel to close at $100.64. Treasury Ten Year Notes were down $2.00 to close at 101.28 pushing the yield up to 3.84%. The dollar gained against the Euro by .03372 so that one Euro will buy $US1.4058. Today's gains were fueled by the belief that next week Congress will pass a new financial rescue plan. Also, consumer confidence was up for September, unexpectedly so. That is it from Atlanta.

9/29/08- Dow Down 770.59!

9/29/08- The Dow plunged 770.59 today to close at 10,372.54 while the S&P 500 lost 106.21 to close at 1,107.06. NASDAQ closed at 1,983.73 down 199.61. Oil dropped 10.52 per barrel to close at 96.37 per barrel. The Ten Year Treasury Note was up 1.94 to 103.06 pushing the yield down to 3.62%. The dollar gained against the Euro .00588 so one Euro will buy $US 1.14492. This disastrous day for the market is obviously the result of Congress failing to pass the Emergency Stabilization Act of 2008. The S&P has not declined this much since 10/27/97. That's it from Atlanta where we still don't have gas.

9/26/08- Dow Jumps While NASDAQ Falls on Uncertainty

9/27/08 - The Dow climbed 121.07 to close at 11,143.13 while NASDAQ was down 3.23 to close at 2,183.34. the S&P 500 was up 4.09 to close at 1,213.27. Oil was down 1.13 per barrel to close at 106.89. The Ten Year Treasury Note was up .09 to close at 101.25 to push the yield down to 3.84%. The Dollar gained against the Euro by .0021 so that one Euro will be $US 1.46199. Uncertainty regarding the $700 bailout plan caused the mixed result. Bargain hunters were purchasing financial sector stocks. For the week, the Dow was down 245.31; NASDAQ was down 90.56; the S&P 500 was down 43; oil was down $4.14 per barrel, the U.S. Ten Year Treasury Note was down .34 and the Dollar gain .01481 against the Euro. Have a great weekend, signing off from a down week in Atlanta.

9/25/08- Market Gains on Optimism that $700 Billion Plan will be Approved by Congress

9/25/08- The Dow gained 198.17 to close at 11,023.34 while NASDAQ was up 30.89 to close at 2,186.57. The S&P 500 closed at 1, 209.66 up 23.79. Oil was up 2.29 per barrel to close at 108.02. The Ten year treasury note was down .3 to close at 101.22 pushing the yield up to 3.85. The dollar lost .00128 against the Euro so that one Euro will buy $US 1.46327. Today's market gains were caused by a belief that Congress has enough votes to pass Treasury Secretary's Paulson's $700 billion rescue plan. However, we agree with former SEC Commissioner Raul Campos' comments we heard him make at a luncheon speech in Atlanta yesterday that the Federal government could provide various back-stops and loan guarantees without paying out a penny and achieve the same objectives as writing a check for $700 billion. That is all from Atlanta.

9/24/08 - Market is Mixed on Buffet's Goldman Bailout and Housing Sales Fall

9/24/08- The Dow slipped 29 to close at 10,825.17 while NASDAQ was up 2.35 to close at 2,155.68. The S&P 500 was down 2.35 to close at 1,185.87. Oil was down .88 per barrel to close at 105.73. The Ten Year Treasury Note was up. 28 bringing the yield down to 3.77%. The dollar gained against the Euro .003 so that one Euro buys $US 1.46306. The market reacted positively to Warren Buffet's willingness to invest $5 billion in Goldman Sachs which will mean real money when added to the $5 billion that Goldman intends to raise in a public offering. Bad news came in the form of the release of housing statistics that shows recent home sales falling 2.2% instead of the expected 1.2%. That's it from Atlanta for today.

9/23/08-Markets Continues to Fall on Concerns about Bailout Plan

9/23/08- The Dow continues to drop, today by 161.52 to close at 10,854.17. NASDAQ lost 25.64 to close at 2,153.34 while the S&P 500 lost 25.64 to close at 2,153.34. Oil lost 2.76 per barrel to close at 106.61. The Ten Year Treasury Note gained .16 to close at 101.44 driving the yield down to 3.82%. The Dollar gained against the Euro .00980 so one Euro buys US$ 1.47059. Today's market dip was the result of uncertainty resulting from testimony before the Senate Banking Committee by Fed. Chairman Bernanke, Treasury Secretary Paulson and SEC Chairman Cox who are arguing for the purchase of $700 billion in toxic mortgages. There were several downgrades of earnings estimates. That's it for today from Atlanta where I waited an hour today to buy gasoline.

9/22/08- Dow Drops on Fears of Goldman & Morgan Restructuring

9/22/08 - The Dow dropped 372.75 to close at 11,015.69; NASDAQ dropped 94.92 to close at 2,178.98. The S&P 500 lost 47.99 to close at 1,207.99. Oil gained 6.62 per barrel to close at 109.37. Ten year treasury notes were down .13 to close at 101.47 increasing the yield to 3.82%. The euro gained .03114 against the dollar so one Euro buys US$ 1.4804. Today's losses were the result of fears on the Street regarding the Fed Reserve's decision to allow Goldman Sachs and Morgan Stanley to convert to a bank holding company structure and the uncertainties related to that. More tomorrow from Atlanta.

9/19/08-Dow Soars on Fed Intervention to Buy Bad Debt

The Dow gained 368.75 to close at 11,388.44 while NASDAQ gained 74.80 to close at 2,273.90. S&P 500 closed at 1,255.08 up 48.57. Oil rose 5.21 per barrel to close at 102.75 per barrel. The Ten Year Treasury Note lost 2.19 to close at 101.59 to drive the yield up to 3.80%. The Euro gained .0141 against the US Dollar so one Euro buys $US 1.44718. Volume on NYSE approached 3 billion shares. The market's gain today were caused by announcements by the Feds that they would buy distressed mortgages and SEC would temporarily ban short selling in financial stocks and adopt other rules pertaining to short selling. Starting Monday Kraft replaces AIG in the 30 stocks that make up the DJIA. The market was slightly down for the week after a historic, roller coaster week. Have a great weekend - that's all from Atlanta.

9/18/08- Stocks Rally on Hopes of RTC-like Solution to Credit Woes

The Dow almost regained yesterday's loss by gaining 410.03 to close at 11,019.69 while NASDAQ gained 100.25 to close at 2,199.10. The S&P 500 closed at 1,206.51 up 50.12. Oil rose .58 per barrel to close at 97.54 per barrel. The 10 year treasury note was down 1.06 to close at 103.78 boosting the yield to 3.54%. The Euro was unchanged against the US Dollar so one Euro buys US$ 1.43308. Volume on the Big Board was almost 2.5 billion shares. Today's market upswing was the result that the Feds may create a Resolution Trust like structure to deal with the credit crisis facing the economy. That's it for today from Atlanta.

9/17/08- Market Swoons as LIBOR Rate Doubles

The Dow plummeted 449.36 to close at 10,609.66 while the S&P 500 shed 57.21 to close at 1156.39 and NASDAQ closed at 2,098.85 down 109.05. Oil was up 5.94 per barrel to close at 96.96. Ten year treasury note was up .63 bringing the yield down to 3.41%. The U.S. Dollar lost .02204 against the Euro so one Euro buys US $ 1.43308. Fear gripped Wall Street as things not seen rocked the Street, the major factor being the LIBOR rate doubling overnight! More on the turbulent market from Atlanta tomorrow.

9/16/08 Market Rebounds as Financials Rally

The Dow climbed back above the 11000 mark and closed at 11,059.02 up 141.51 while the S&P 500 gained 20.90 to close at 1,213.60 and NASDAQ closed at 2,207.90 gaining 27.99. Oil continues to fall dropping 4.67 per barrel to close at 91.20 per barrel. Ten year treasury notes continue to gain - up to 104.22 driving the yield down to 3.49%. The dollar lost .00040 against the Euro as one Euro will buy $1.41141. All this because the Fed kept interest rates unchanged, Lehman finds a buyer in Barclay for some of its assets and the market feels the financial sector is basically sound. That's it from Atlanta.

9/15/08- Market Free Falls on Financial Sector Woes

The Dow fell 504.48 today to close at 10,917,51; NASDAQ fell 81.36 to close at 2,179.91 and the S&P 500 almost reached its 52 week low which was 1200.44 at 7/15 by dripping 58.74 to close at 1,198.96. Oil dropped 5.56 per barrel to close at 95.69; while the 10 yr. treasury note rose 2.31 to close at 104.59 to drive the yield down to 3.44%. The dollar lost .00041 against the Euro so that one Euro buys $US 1.43123. Today's horrible day was caused by the financial sector's problems headed by Lehman's Chapter XI filing (their broker-dealer subs. did not file). That's it from Atlanta.

9/12/08 - Dow Flat on Financial Fears

The Dow closed at 11,421.94 today down 22.72; S&P was up 2.65 to close at 1,251.70 and NASDAQ closed at 2,261.27 up 3.05. Oil was up .32 to close at 101.25; the ten year treasury note was down .16 driving the yiel up to 2.94%. The U.S. Dollar lost .02015 against the Euro so one Euro will buy $US 1.42248. Trading was heavy at 1.8 billion shares. The market was uncertain about where the financial sector is headed with the fate of Lehman, AIG and Washington Mutual fueling the concerns. For the week the Dow was up 222, the S&P 500 was up 10 and NASDAQ was up 6. From on the road, have a great weekend.

9/11/08- Market Gains on Hopeful Housing News

The Dow aimed 164.79 to close at 11,433.71; the S&P 500 gained 17.01 to close at 1,249.05 and NASDAQ gained 29.52 to close at 2,258.22. Oil was down 1.71 to close at 100.87 and the yield on the Ten Year U.S. Treasury Note was down to 3.62 because the Note closed up .03 at 103.06 and the US Dollar gained .00214 against the Euro so one Euro buys $US 1.39501. The rise in the Dow was caused by Fed. Res. Vice Chairman Donald Cohn saying that housing price declines are slowing. We may have seen the bottoming out of the housing market. That is it for today from Muscle Shoals, Alabama.

9/10/08-Market Rises as Dollar Gains and Oil Falls

The Dow gained 38.19 to close at 11,268.92 today while the S&P 500 closed at 1,232.04 up 7.53. NASDAQ gained 18.89 to close at 2,228.70. The Euro declined against the Dollar so 1 Euro will buy US$1.39762 a gain for the US dollar of .01301. This caused oil to drop .68 to close at 102.58 a barrel. Ten year Treasury Notes dropped .53 to close at 103.03 driving the yield up to 3.63. The fall of the Euro was the main factor in today's market volatility and ultimate rise because the European Union decreased its '08 forecast for the European economy from an increase of 2.0 down to 1.4 and forecasted that UK, Spain and Germany will enter into a recession. That's it from Atlanta for today.

9/9/08- Market Plunges on Fear of Lehman

The Dow dropped 280.01 to close at 11,230.73; the S&P 500 dropped 43.28 to close at 1,224.51 and NASDAQ closed at 2,209.81 down 59.95. The only good news was oil was down 3.08 to close at 103.26. Ten year treasury notes were up .69 to close at 103.38 to bring the yield down to 3.59% and the dollar gained .0006 against the Euro so one Euro buys US $1.41383. The bad day was caused by fears about the financial sector and profit taking in the energy sector. Volume was heavy at 1.7 billion shares. There was fears that Lehman Korean suitor was out of the picture (LEH 7.79 down 6.36). That's it from a dreary Atlanta.

9/8/08-Stocks Rally on News of Fannie Mae and Freddie Mac Bailout

The Dow was up 290.43 today to close at 11,510.74; S&P 500 gained 25.48 to close at 1,267.79 and NASDAQ closed at 2,269.76 up 13.88. Oil closed at 106.34 up .11; the ten year treasury note was up .34 closing at 102.75 bringing the yield down to 3.66% and the Dollar gained .02341 against the Euro so one Euro buys U.S. $1.41523. The good day in the market was because of the federal $25 billion bailout of FannieMae (FNM .70 down 6.34) and FreddieMac (FRE .89 down 4.12) even though shareholders in both those entities got slammed. That's it from Atlanta.

9/5/08 - Market Rises on Financial Sector Gains

The Dow gained 32.73 today to close at 11,220.96 while the S&P 500 gained 5.46 to close at 1,242.29 up 5.46. NASDAQ closed at 2,255 down 3.16. Oil fell 1.66 to close at 106.23 per barrel. The Ten Year Treasury Note fell .25 to close at 102.81 pushing the yield up to 3.66%. The Dollar gained .0002 against the Euro so one Euro pays $ U.S. 1.42430. Today's market moved as it did because there financials gained which overcame the bad news that unemployment rate has risen to 6.1%. For the week the Dow lost 325, the S&P lost 41 and NASDAQ lost 113. The 10 year treasury note's yield fell from 3.85 to 3.66 for the week and oil was down for the week by $9 per barrel. The U.S. Dollar gained .0434 against the Euro this week. Have a great weekend, signing off from Atlanta.

9/4/08- Market Dives as Financial Sector Falls

The Dow dropped 344.65 today to close at 11,188.23, while the S&P dropped 38.15 to close at 1,236.83. NASDAQ closed at 2,259.04 down 74.69. Some good news was oil was down 1.46 to close at 107.89 per barrel. The 10 year treasury note was up .56 to close at 103.03 bringing the yield down to 3.63. The dollar gained .01703 against the Euro so one Euro buys $US 1.43246. Financial sector continues to drag the market down because of fears of worsening economic news. That's it from Atlanta.

9/3/08- - Market Mixed on Negative Fed Reserve News

The Dow closed at 11,532.88 up 15.96 while the S&P 500 lost 2.58 to close at 1,275 and NASDAQ lost 15.51 to close at 2,333.73. Oil continues to slide as it lost .36 to close at 109.35 barrel. Ten year treasury notes gained 3.68 to close at 102.63 bringing the yield down to 3.68. The U.S. dollar gained .00148 against the Euro so one Euro buys U.S. $1.45075. Trading continues to be light but not as light as last week. Today's sluggish day resulted from reaction to the Fed's Beige Book that said economic activity slowed in all 12 Fed. Reserve Districts. Take care from Atlanta.

9/2/08 - Stocks Fall Slightly on Bad Economic News

The Dow fell 26.63 to close at 11,516; the S&P 500 dropped 5.25 to close at 1,277.58 and the NASDAQ closed at 2,349.24 down 18.28. Oil prices fell 5.78 to close at 109.71. The dollar gained .0087 against the Euro so that one Euro buys $US Dollar 1.45624. July construction spending continued its poortrend and the manufacturing sector continues to contract. That's it from the deep south for today.