Wall Street Feels Bailout Burnout

Toyota (TM) sales fell 29.5%, sending shares down 2.2% to $83.90. General Motors (GM) announced a 15.8% decline, but shares were unchanged at $9.45.

As for economic data, Automatic Data Processing's September private nonfarm employment figures showed a loss of 8,000 jobs, far better than economists' estimates for a decline of 50,000. ADP revised its August lost-jobs count to 37,000 from a previous read of 33,000.

The Institute for Supply Management's manufacturing index for September came in at 43.5, below the 49.5 anticipated by economists and down from 49.9 in August. The Commerce Department's reported that construction spending was flat for August, better than an expected decline of 0.5%.

Reflecting additional pain in the housing market, the Mortgage Bankers Association said that applications for home loans fell 23% in the week ended Sept. 26.

Longer-term U.S. Treasuries were rising in price. The 10-year note was up 25/32 to yield 3.73%, and the 30-year was gaining 1-28/32, to yield 4.2%. The dollar was stronger vs. its major foreign competitors.

Over in commodities, crude oil lost $2.11 to settle at $98.53 after the Energy Information Administration said that crude inventories for the week ended Sept. 27 rose by 4.3 million barrels. Gold settled up $6.50 to $887.30.

In Europe, London's FTSE was marking gains, while Frankfurt's DAX was trading downward. The Nikkei in Japan closed higher. Markets in Hong Kong, China and Singapore were closed for a holiday.

Where will the Dow Jones Industrial Average stand at the end of 2008?
	Above 10,000 9000-10,000 8000-9000 7000 to 8000 Below 7000

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