US Market ends mixed as technology sector falters
US Market ended in a mixed fashion today, Monday, 30 June, 2008 as high
crude oil price and turmoil in financial sector continued to batter the
market. Six of the ten economic sectors finished with gains. Technology
sector was at the day?s most laggard and the Nasdaq was the only index
to end the day in the red. Other than that, the other two major indices
posted marginal gains. Telecom and utilities sectors were the best
performers.
The Dow Jones industrial Average ended the day
with a gain of 3.5 points at 11,350. The Nasdaq Composite Index,
finished lower by 22.6 points at 2,292. S&P 500 finished higher by
1.62 points at 1,280. Dow fell to a new 52 week low. The Dow lost 10.2%
in June, 7.4% in the second quarter and 14.4% year to date.
Fifteen out of thirty Dow stocks ended in the green today. AT&T and
Verizon were a couple of Dow winners. GM was a major Dow laggard.
Dow was up by more than 80 points at one point of time. But thereafter,
market became quite volatile. A lack of key economic data and
market-moving earnings reports left investors to focus on energy prices
and the turbulent financial sector.
In economic news,
Chicago-area businesses reported a slight contraction in their
industries in June. The Chicago business barometer rose to 49.6% in
June from 49.1% in May, the fifth straight month below 50%. Readings
under 50% show more businesses reported business was worse in June than
said business was better. The prices-paid index retreated to 85.5% from
87.7%, an indication that almost every business is paying higher input
costs this month.
Crude futures fell from their record highs at
$143 today but ended little lower for the day. Prices slipped on
concern that Israel may attack Iran over its nuclear program and
disrupt supply from OPEC's second-largest producer. With this, prices
infact rose for the day but then with the dollar gaining some grounds,
oil prices slipped.
Crude-oil futures for light sweet crude
for August delivery today closed at $140/barrel (lower by $0.21/barrel
or 0.15%) on the New York Mercantile Exchange. During intra day trading
prices touched a high of $143.67. With today?s closing, crude prices
gained 38% in the second quarter of this year. It was the biggest
quarterly increase in nine years. It ended June 2008 higher by 9.9%.
Last week, crude prices closed higher by 3.6%. Prices are 104% higher
than a year ago. For the year, crude is up by 43% till date.
Economic data will be the area of focus tomorrow. Auto and truck sales
are scheduled to be released followed by construction spending totals
for May and the June ISM Index.
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