Markets start hot after Gustav potential negated, gains can't hold

Tags: Hurricane Gustav, Dow Jones, Nasdaq, Oil
2 Sep 10:08am
Posted by ChrisKrasowski
0 Comments
Read original blog entry
Hurricane Gustav came and went through the US Gulf region without anywhere near the devastation of Katrina three years ago. On this news, commodities fell, led of course by oil, dropping around $7 in the early going, before oil settled at around $110 a barrel.

The Dow led the majors with a morning gain of over 200 points (1.7%), followed closely behind by Nasdaq and the S&P. Sector-wise the morning rally was broad, except of course for Energy and Materials. Energy as a sector was down almost 5% at the end of the day.

A fall in the Supply Management Manufacturing index to 49.9, which below 50 means contraction, added to the skittish nature of nervous trading on the day. From the morning highs, the downslope of the US majors (Dow, Nasdaq and S&P) mirrored one another leading to a day filled with red quote boards. The Dow finished down 26 points, the Nasdaq down 18 and the S&P down 5.

Comments

Back to top

Post comment

Back to top

Post a comment

Please login to post a comment

About

ChrisKrasowski

WC Power Tech Fund founder. Chris sets out to prove that the new generation of investor can emerge from nontraditional circumstances. An engineering graduate from a Canadian University, Chris developed his passion for investing and the markets at an early age and personally owned his first stock at the age of 16. Now 24, with work experiences in the banking and investment banking industries in front of him and behind him, Chris built a personal trading account into the unofficial WC Power Tech Fund. The fund's official blog gives Chris the opportunity to write about investment topics of all shapes and sizes giving insights, opinions and market commentary to seasoned and new investors alike. Visit: http://wcpowertechfund.blogspot.com

Recent Entries