Dow -142.96 (-1.15%)
Nasdaq -27.32 (-1.17%)
S&P 500 -17.50 (-1.29%)
News That Moved the Market
Markets Drop On Philly Fed. Sellers dominated the market Thursday, with all 10 sectors finishing in negative territory. The bears took control after the Philadelphia Fed Manufacturing Survey came in at -24, showing continued contraction in the region's manufacturing. The reading was well below the -10 analysts expected, fueling speculation that we may not be able to avert a recession. The Philly Fed Survey has recently been a strong barometer of the country's manufacturing activity. With little news expected Friday, look for this number to stay with investors and traders through the start of tomorrow's' session.
Microsoft Opens Up. Microsoft (MSFT, -0.4% ) announced it would enhance interoperability by increasing the openness of its products. The move should make it easier for outside programmers to create applications that work with Microsoft's products, mainly Vista, and ease tensions with the EU anti-trust regulators.
Gold Shines. Gold futures hit an all-time high of $958.40/ouce, before settling up $11.40 to $949.20. After yesterday's higher than expected CPI reading and further weakness in the U.S. dollar, gold was bid up by investors and traders. "This type of inflation environment is one in which commodities thrive in -- at least until growth rates start to falter," said Edward Meir, an analyst at MF Global.
Quick Tics. Research in Motion (RIMM, +9.0%) traded higher after increasing its forecast for subscriber growth…Front month crude fell $0.32 to $97.91/barrel after higher than expected inventories…Cisco (CSCO, -0.0%) was upgraded to a Buy from Neutral at Citigroup (C, -2.1%).
No Major News