market news.....
Stocks stumble as investors fret about financials
S&P 500 briefly joins Dow industrials and Nasdaq Composite in bear territory
July 7, 2008 NEW YORK (MarketWatch) -- U.S. stocks shifted lower Monday to cap a day that started with a rally and dissolved into a steep plunge, as worries banks would be slammed with credit-related losses competed with early cheer fueled by a large drop in the price of crude.
"We were up on the day early as we saw oil prices receding, then fell on concern about financials as we go into earnings - maybe it's a return to normal summer volatility," said Kleintop.
After rising more than 100 points only to fall just as steeply, the Dow Jones Industrial
closed at 11,231.96, off 56.58 points, or 0.5%.
guys, earnings season kicks off tomorrow. right now the market is temporarily oversold, so any glimmer of hope will trigger a short cover BS rally. IMO any rally will ultimately fail as we continue to head lower. i expect the Dow to break below 11,000 in the near future.
as of today, the Dow has tanked 3,000 points since the fall of 07.
Dow in Nov 2007 = 14,200
Dow in July 2008 = 11,200
NT