Daily Market Reports

The S&P 500 crashed into official bear market territory last night led down by the financial sector. The Dow fell 236 points.

Oil fell over US$5 last night as a coordinated Bernanke/Paulson/Dimon rhetorical effort bolstered the greenback and turned the financial sector on its heels. The Dow rallied 152.

It was a wild night on Wall Street as investors traded off a lower oil price against more financial sector weakness. The Dow closed down 56 points.

After hiking 25 points, the ECB indicated no further hikes, allowing the US dollar to rally and the Dow to bounce back 73.

The Dow fell 166 points last night as oil closed above US$143 and Merrill Lynch suggested General Motors could go bankrupt.

A not-so-bad sales result for General Motors turned around a weak Wall Street last night. The Dow closed up 32.

The first half came to an end last night with oil and the Dow barely changed.

Oil hit US$142.99 on Friday before settling at US$140.21. The Dow lost 106.

Broker downgrades hit Wall Street last night before OPEC called oil to US$170 on a weak US dollar. Oil hit US$140. The Dow fell 358.

The Fed left the cash rate unchanged, as expected, while suggesting a more hawkish bias. An unchanged Dow belied a 0.6% rise in the broad market and a 1.4% gain in the Nasdaq.