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Market Recap: Stocks Fall With Philly Fed


Bears thrive on the Fed's manufacturing report.

Early gains were quickly erased today. The Dow Industrials fell -142 points, or -1.15% to 12,284, the S&P 500 lost -17.5 points, or -1.29% to 1,342, and the Nasdaq Composite dropped -27 points, or -1.17% to 2,299.

Stock futures pointed to a strong opening early in the morning but screens quickly turned red after the Philadelphia Fed Index showed a bigger than expected drop. The index which measures business activity in the region showed a -24 reading vs. economist expectations of -10.0. Further the index of leading economic indicators added to recession fears showing a decline of -0.1%. Get Professor Kevin Depew's economic insight in today's Five Things You Need To Know.

The financial sector was one of the first groups to decline. Toddo noted in his morning column the performance of Goldman Sachs (GS) as usual being "the tell of all tells." GS closed -1.17% to $175.17. Other red beans included Wachovia (WB) -2.14% to $33.35, Lehman Brothers (LEH) -2.26% to $54.14, and Credit Suisse (CS) -3.17% to $47.72. Read his article Get Ready For A Massive Move. Also check out Professor Bennet Sedacca's article Pain in the ARS.

Homebuilders were also victims in the carnage. Those stocks were led by Standard Pacific (SPF) -5.18% to $4.03. Lennar (LEN) fell -4.1% to $18.40. and Meritage Homes (MTH) fell -4.7% to $14.80. Check out Professor Mike Mish Shedlock's column More Misguided Housing Plans.

Commodities were mostly higher. Crude fell -1.62 to 98.08. Gold moved to new highs settling +12.10 to 946.70. Silver added +0.060 to 17.820, and Copper gained +10.50 to 381.05.

The dollar index fell -0.538 to 75.574. Noting the general weakness in today's session, Toddo said "The fact that this is happening with the dollar appreciably lower is perhaps the most disconcerting aspect of it all. Interesting times indeed." Read Professor Fil Zucchi's column Could Dollar Rally On EU Woes?

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

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: e-SPH, STV, SPX, CAT, SGR, MICC, ARII, TXCO, KGC, AEM, ABX, GFI, Gold

Some bearish trade or investment ideas: PCU, GOLD, GOOG, BIDU, ITRI, AAPL, AEM, Dollar

It's practically Friday! Have a great night!
No positions in stocks mentioned.

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