Innovation Update
Are You a Bull or a Bear? Vote in Our Poll
TSC Staff
07/04/08 - 09:15 AM EDT
Blue chips rebounded some on Thursday, giving bulls a bit of hope as trading closed early before the Fourth of July holiday.
The Dow Jones Industrial Average lifted 73 points to 11,288, and the S&P 500 was higher by 1 point at 1263. The Nasdaq gave back 6 points to 2245.
But crude oil has no intention of lending the market a hand. Light, sweet crude futures for August closed at an all-time high of $145.29 a barrel Thursday.
Also, U.S. payrolls dropped by 62,000 jobs last month, with the unemployment rate remaining at 5.5%
Both the Dow and Nasdaq are officially in the commonly accepted bear market definition of down 20%. After Thursday's shortened session, the Dow was down 20.3% from its record close of 14,164.53 on Oct. 9. The Nasdaq closed at 2,245,38, a 21.5% decline from its 52-week high of 2,859.12 on Oct. 31.
The bear is also hot on the S&P's heels, as the index is now down 19.2% from the Oct. 10 closing high of 1,562.
So do you think the stock market has a fighting chance, or will it buckle under the continuous pressure of rising commodities and a weak housing market.
Please vote in our poll below.
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