Monday's Closing Update

3:51 PM, Jul 6, 2009 --

• NYSE down 5.2 (0.09%) to 5,770.
• DJIA up 44.1 (0.5%) to 8,325.
• S&P 500 up 2.3 (0.3%) to 898.71.
• Nasdaq down 9.2 (0.5%) to 1,787.

GLOBAL SENTIMENT

• Hang Seng down 1.23%
• Nikkei down 1.38%
• FTSE down 0.98%

UPSIDE MOVERS

(+) S gained as Barron's speculates on acquisition by Telefonica.

(+) CETV gets analyst upgrade.

(+) GERN says data support use of cells in vaccine applications.

(+) AXP gets analyst upgrade.

(+) DDUP trading above revised offer from EMC.

DOWNSIDE MOVERS

(-) DNR lowers production guidance.

(-) COP down as crude prices slip on economic worries.

(-) BT doesn't plan to use Phorm Inc. services.

(-) RGS plans offering, to close stores.

(-) LDK sees lower-than-expected Q2 sales.

(-) CPD cuts workforce.

MARKET DIRECTION

The Dow Jones Industrial Average and S&P 500 finished with narrow gains. The tech-heavy Nasdaq Composite lagged the broad averages, ending just in the red but also in the top of the day's range. An improved reading on the services economy softened a bit of the blow of last week's disappointing jobs report though bigger economic uncertainty continues to hamper the stock market.

The Institute for Supply Management's services index rose to 47 in June from 44 in May, beating the 45.5 expected from economists polled by Thomson Reuters. Still, Thursday's disappointing jobs report has raised some serious doubts about the speed and depth of any recovery.

Those economic concerns also sent commodities prices lower over worries of slow demand, cutting shares in the energy and materials sectors.

Crude ends down $2.68, or 4%, at $64.05 a barrel. The contract was trading at an eight-month high above $73 a barrel just last week.

Energy shares lead the market decline, including Chesapeake Energy (CHK), ConocoPhillips (COP) and aluminum-maker Alcoa (AA).

Among the gainers:

Analysts upgrades lifted shares of American Express (AXP) and Central European Media Enterprises (CETV).

Data Domain (DDUP) gained to above EMC's latest 33.50-per-share offer.

Comments

[Marginaltho...:]

Excellent work on the close Plunge Protection Team! I will order thee green capes embroidered with the initials PPT! Sally forth and save the world by turning bearish head and shoulder patterns into "resistance" on the downside!

Jul 06 04:35 PM

[Market Sniper:]

Yes, a nice stick save.


On Jul 06 04:35 PM Marginalthoughts.com wrote:

> Excellent work on the close Plunge Protection Team! I will order
> thee green capes embroidered with the initials PPT! Sally forth and
> save the world by turning bearish head and shoulder patterns into
> "resistance" on the downside!

Jul 06 06:53 PM

[Dr. O:]

I believe at this point the equity/commodity and forex markets are completely controlled/manipulated.

I believe we are experiencing a pause in a depression-like world-wide downturn. I believe all asset classes will continue falling over the intermediate-term (months to years).

I believe one has to diversify across currencies and precious metals to preserve wealth. Forget about generating wealth for a while.

The only people making money are working at Goldman Sachs, and they earn money not by analysis or speculation: they trade off inside information and front run the big money they manage.

They don't throw darts at a board, they only bet on sure things. And one thing is for sure, this market is being propped up long enough for banks to issue secondaries and big money to unload merchandise. This market will crash again before its all said and done.

Jul 06 07:55 PM

[9ralphy:]

Why is volume declining? Who wants to trade a manipulated market?

Jul 06 08:09 PM

[shmu:]

maybe the MMs ?

Jul 07 03:49 AM