Thursday, July 31, 2008

Today in the market

NEW YORK (MarketWatch) -- U.S. stocks closed sharply lower on Thursday, leaving the market with a mixed performance for July, as economic concerns resurfaced following weaker-than-expected growth numbers and a big jump in jobless claims......

Chart of $INDU

$INDU 11,378.02, -205.67, -1.8%) fell 205 points, or 1.8%, to end at 11,378 on Thursday. Out of the Dow's 30 components, 25 retreated."

Another down day in the market on this, the last day of July. I heard on CNBC that August might be an up month because Congress will be out of session, not keeping the stock market down. We'll see.

Biotech stock Imclone Systems flew up 37.7% on news that Bristol-Myers-Squibb wants to buy the remainder of company stock it doesn't already own. But Elan and Biogen are down heavily on unfavorable drug-related news, and Akamai, one of my favorite tech stocks, fell 20%. The energy sector was down today as well.

Some experts are saying that this could be a market bottom with a run-up to the election, or there could be a run-up after October and the election are over. Despite rumors that the second half of the year will be down, I am hoping financial stock issues will be resolved and everything, including housing stocks and house prices will turn around again by the end of the year.


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