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Market Recap: Investors Rattled; Dow Falls 200 Points


Bulls were rattled today in a thing tape with tension overseas and disappointing econ data. Markets fall.

Nervous investors sold off stocks in a thin tape today. The Dow Industrials fell -192 points, or -1.4% to 13359, the S&P 500 fell -21 points, or -1.43% to 1476, and the Nasdaq Composite fell -47 points, or -1.75%.

This morning the markets were rattled when Benazir Bhutto, former Prime Minister of Pakistan, was killed in a suicide attack after addressing a campaign rally. "It does 'matter' at some level as it introduces geopolitical uncertainty to an already fragile region," said Toddo.

Further adding to the pressure was disappointing economic data with durable goods orders coming in less than expected, increasing just +0.1% vs. +2.0% consensus. Prior figures were revised to -0.2% from -0.4%. Excluding transportation, durable goods decreased -0.7% vs. expectations of +0.5% with prior figures revised to -0.4% from -0.7%. The combination forced a lower opening with investors fleeing banking stocks. The Philadelphia Bank index (BKX) closed -2.34%. Among the large investment banks, Morgan Stanley (MS) led to the downside falling -3.05%. Bear Stearns (BSC)

Tech stocks were mixed. Apple (AAPL) shares broke to a new 52 week high to $202.96 before gradually slipping throughout the day. Apple shares closed -0.15% to $198.55. Baidu (BIDU) shares surged. Professor Tatro couldn't resist staying away from this high momentum stock.

"I couldn't pass up the Baidu break and am happy to see it following through thus far…. I suspect it can challenge new highs soon.' BIDU closed +2.35% Another tech stock, Research In Motion (RIMM), fell -1.25% to $117.28. For more, Read Toddo's Random Thoughts: Google, Baidu, And Apple Breakout.

In commodities, gold gained +2.60 to 828.60. Crude oil added +0.65 to 96.62. Silver fell -0.017 to 14.67, as well as copper which fell -5.00 to 310.50. Check out our best of gold content in Did All That's Gold Glitter in 2007?

For more summaries, click on Minyanville's Buzz Bits.

Idea Flow

Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas: XLX, BIDU, VT CN, GG, JOYG

Some bearish trade or investment ideas: IFN, BYD

Have a great night tonight. See you tomorrow!
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No positions in stocks mentioned.

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