Friday, October 3, 2008

10/3/08-Market Declines Again Due to Financial Sector Worries

10/3/08- The Dow lost 157.47 today to close at 10,325.38; NASDAQ lost 29.33 to close at 1,947.39 while the S&P 500 was down 15.05 to close at 1,099.23. Oil continued to drop losing .09 per barrel to close at 93.88 per barrel. the Ten Year Treasury Note continues to climb, it rose .19 to pushing the yield down to 3.60%. The Dollar gained again against the Euro by .00134 so one Euro will buy $US 1.38064. Today's losses would have been worse but for the fact that the House passed and the President signed the revised $700 billion bailout bill. The bad news pushing the market down was September nonfarm payroll fell 159,000 worse than expected and unemployment remains at 6.1%. Also, Citigroup will challenge the deal struck between Wells Fargo and Wachovia that would replace Citigroup with Wells Fargo as Wachovia's acquirer. This was one of the worst weeks in the market's history, the Dow fell 818, NASDAQ fell 236 and the S&P 500 fell 114. The only positives were that oil fell for the week $13.01 per barrel and the US Dollar gained against the Euro by .8135. As would be expected, the Ten Year Treasury Note gained during the week by $1.97 pushing the yield down .24%. That's it from Atlanta for this week.