This could be why the line is dropping so much
This could be why the line is dropping so much
But we all know that Cbs is about as reliable as Fox News
CBS MarketWatch
U.S. stocks jarred by early call favoring Kerry
Tuesday November 2, 3:41 pm ET
By Mark Cotton
NEW YORK (CBS.MW) -- U.S. stocks staged a sharp reversal Tuesday, with blue chips sliding into negative territory and the Nasdaq paring gains amid reports that John Kerry is putting in a strong early showing at the polls.
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"The only thing I can see is that the Drudge Report shows the preliminary exit polls showing Kerry within striking distance," said Jay Suskind, director of trading of Ryan, Beck & Co.
Miller Tabak equity strategist Peter Boockvar said there was a "sort of panic" as traders heard the news of Kerry's lead.
"We had this pre-election rally and the election is almost over. It's almost a sell on the news now that we're actually here."
The Dow Jones Industrial Average (^DJI - News) was last down 20 points at 10,034, erasing more than a 80-point gain earlier in the day.
Within the Dow, Verizon (NYSE:VZ - News) was a notable gainer, up 0.5 percent, after the telecom operator and Nextel Communications (NasdaqNM:NXTL - News) agreed to resolve their legal disputes. Nextel shares were up 4 percent.
On a negative note, Merck (NYSE:MRK - News) shares hit an 8 1/2 year low on concern over its exposure to lawsuits following a media report suggesting it downplayed the health risks of its recently-withdrawn Vioxx arthritis drug.
The stock was last down 5.9 percent. Since it pulled Vioxx off the market on September 30, Merck shares have lost 40 percent of their value.
The Nasdaq Composite Index (NasdaqSC:^IXIC - News) was last up 3 points, at 1,983, after climbing above 2,000 for the first time in four months earlier in the session.
The Standard & Poor's 500 Index (CBOE:^SPX - News) was virtually unchanged at 1,130.69.
According to the Stock Trader's Almanac, November is the best month for stocks when incumbent presidents are ousted and second worst when they win.
On the data front, layoff announcements fell 5.6 percent in October, outplacement firm Challenger Grey & Christmas said in its monthly survey.
Despite the decline, layoffs remained above 100,000 for the second straight month, for the first time since January-February 2003.
"The job market appears to be stuck in the mud. Every time it looks as if things are going to rebound for the nation's workers, a series of reports deflates the optimism," said John Challenger, chairman of the firm, said in a statement.
Oil closes under $50
Crude futures closed under $50 a barrel as traders mulled the implications of the U.S presidential election on the nation's Strategic Petroleum Reserve, while awaiting fresh weekly domestic inventories data due out Wednesday.
Crude for December delivery ended down 51 cents at $49.62 a barrel in New York, its lowest closing level since October 4. In the prior session, oil slid more than 3 percent.
The dollar edged up against the euro and was steady against the yen, although movements were limited as currency traders, like their counterparts in other markets, refrained from taking positions ahead of the election.
Gold futures closed under $421 an ounce for the first time in two weeks as traders awaited the outcome of the presidential election and its effect on trading in the U.S. dollar.
December gold ended down $7.40, or 1.7 percent at $420.80 on Nymex.
On the bond market, Treasurys traded lower. The 10-year benchmark note was off 2/32 at 101 10/32. Its yield (CBOE:^TNX - News) stood at 4.09 percent.
Turning back to the broader market, advancers outpaced decliners by 17 to 15 on the New York Stock Exchange, but losers had a slight edge 16 to 14 edge over winners.
Volume was 1.4 billion on the Big Board, and 1.6 billion on the Nasdaq.
This could be why the line is dropping so much
But we all know that Cbs is about as reliable as Fox News
CBS MarketWatch
U.S. stocks jarred by early call favoring Kerry
Tuesday November 2, 3:41 pm ET
By Mark Cotton
NEW YORK (CBS.MW) -- U.S. stocks staged a sharp reversal Tuesday, with blue chips sliding into negative territory and the Nasdaq paring gains amid reports that John Kerry is putting in a strong early showing at the polls.
ADVERTISEMENT
"The only thing I can see is that the Drudge Report shows the preliminary exit polls showing Kerry within striking distance," said Jay Suskind, director of trading of Ryan, Beck & Co.
Miller Tabak equity strategist Peter Boockvar said there was a "sort of panic" as traders heard the news of Kerry's lead.
"We had this pre-election rally and the election is almost over. It's almost a sell on the news now that we're actually here."
The Dow Jones Industrial Average (^DJI - News) was last down 20 points at 10,034, erasing more than a 80-point gain earlier in the day.
Within the Dow, Verizon (NYSE:VZ - News) was a notable gainer, up 0.5 percent, after the telecom operator and Nextel Communications (NasdaqNM:NXTL - News) agreed to resolve their legal disputes. Nextel shares were up 4 percent.
On a negative note, Merck (NYSE:MRK - News) shares hit an 8 1/2 year low on concern over its exposure to lawsuits following a media report suggesting it downplayed the health risks of its recently-withdrawn Vioxx arthritis drug.
The stock was last down 5.9 percent. Since it pulled Vioxx off the market on September 30, Merck shares have lost 40 percent of their value.
The Nasdaq Composite Index (NasdaqSC:^IXIC - News) was last up 3 points, at 1,983, after climbing above 2,000 for the first time in four months earlier in the session.
The Standard & Poor's 500 Index (CBOE:^SPX - News) was virtually unchanged at 1,130.69.
According to the Stock Trader's Almanac, November is the best month for stocks when incumbent presidents are ousted and second worst when they win.
On the data front, layoff announcements fell 5.6 percent in October, outplacement firm Challenger Grey & Christmas said in its monthly survey.
Despite the decline, layoffs remained above 100,000 for the second straight month, for the first time since January-February 2003.
"The job market appears to be stuck in the mud. Every time it looks as if things are going to rebound for the nation's workers, a series of reports deflates the optimism," said John Challenger, chairman of the firm, said in a statement.
Oil closes under $50
Crude futures closed under $50 a barrel as traders mulled the implications of the U.S presidential election on the nation's Strategic Petroleum Reserve, while awaiting fresh weekly domestic inventories data due out Wednesday.
Crude for December delivery ended down 51 cents at $49.62 a barrel in New York, its lowest closing level since October 4. In the prior session, oil slid more than 3 percent.
The dollar edged up against the euro and was steady against the yen, although movements were limited as currency traders, like their counterparts in other markets, refrained from taking positions ahead of the election.
Gold futures closed under $421 an ounce for the first time in two weeks as traders awaited the outcome of the presidential election and its effect on trading in the U.S. dollar.
December gold ended down $7.40, or 1.7 percent at $420.80 on Nymex.
On the bond market, Treasurys traded lower. The 10-year benchmark note was off 2/32 at 101 10/32. Its yield (CBOE:^TNX - News) stood at 4.09 percent.
Turning back to the broader market, advancers outpaced decliners by 17 to 15 on the New York Stock Exchange, but losers had a slight edge 16 to 14 edge over winners.
Volume was 1.4 billion on the Big Board, and 1.6 billion on the Nasdaq.
