Bears take a bite out of the Dow!
The bears came to the table again today for another feast. The Dow dropped 386 points on the day for almost a 3% loss. The S&P 500 lost 44 and the NASDAQ gave up 56, while the bond markets closed higher and the Ten-year Note ended the day with a yield of 4.78%.
Subprime loans were the hot topic once again in the market. French banking group BNP Paribus suspended three funds that had exposure to US credit markets, saying it was due to the “complete evaporation of liquidity.”
Initial Claims came out today at 316,000, above the expected 310,000.
Over in Asia, the Nikkei is coming off a gain of just under 1%, while the Hang Seng lost about .5% in its last trading session. Written by Mike Tosaw, Director of Education
Economic Data Scheduled for Friday, August 10, 2007
(All times are U.S. Central Time)
U.S.
7:30 AM: Import/Export prices for July
7:30 AM: Crop Production and Supply/Demand Report
1:00 PM: Treasury Budget for July (Consensus-$33.0 billion)
Canada
6:00 AM: July Net Change in Employment (Consensus 23.5)
6:00 AM: July Unemployment Rate (Consensus 6.1%)
U.K.
None
European Union
1:45 AM: (France) June Industrial Production MoM (Consensus 0.4%)
Japan
12:00 AM: July Consumer Confidence Households (Consensus 46)
