Whipsaw Day Caps Dow's Worst Week Ever
10/10/08 - 04:40 PM EDT
Mike Taylor
Looking at economic data, the Census Bureau's report on the trade balance for August showed a deficit of $59.1 billion, whereas the economy registered a $62.2 billion deficit in July. Economists had anticipated an August deficit of $59 billion. The Bureau of Labor Statistics also reported that export prices excluding agricultural goods declined 1% in September. Import prices excluding oil dropped 0.9%.
In commodities, crude oil lost $8.89 to settle at $77.70 a barrel. Gold lost $27.50 to close at $859 an ounce. Longer-dated U.S. Treasury securities were falling. The 10-year was down 22/32 to yield 3.87%, and the 30-year was declining 20/32, yielding 4.14%. The dollar was climbing vs. the euro and pound, but falling against the yen. Overseas, European markets were taking it on the chin. The FTSE in London and the DAX in Frankfurt were each down more than 7%. In Asia, Japan's Nikkei and Hong Kong's Hang Seng also closed with broad losses. Nobody ever made a dime by panicking, says Jim Cramer. Moneymaking opportunities exist despite the market turmoil. So where's a market master like Cramer putting his money these days? Check out his personal portfolio at Action Alerts PLUS. Take a free trial now.
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