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US close: Big losses but above the worst

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Date: Monday 06 Oct 2008

LONDON (ShareCast) - Dow Jones staged a late rally but still finished nearly 400 points lower. At one point the loss had been more than double that figure.

The Dow slumped 369 points to 9,959, the tech loaded Nasdaq Composite shed 84 at 1,862, while the broader S&P 500 fell 42 to 1,056.

Investors headed for the safety of gold as US equities joined Asian and European markets in a headlong hurtle into the abyss. December gold surged more than $30 in early New York trade, with producers Goldcorp, Barrick Gold, Randgold and Yamana Gold benefiting from the resurgence in popularity of the yellow metal.

The rescue operation for distressed German commercial-property lender Hypo Real Estate has spooked investors and, not surprisingly, banking shares are friendless, with regional banks National City, First Horizon and Regions Financial leading the retreat; the former has had its debt rating downgraded by Fitch.

Wachovia, which last week spurned a government-sponsored bid from Citicorp to accept a better offer from Wells Fargo, is marked down after a New York state court judge extended Citicorp’s “exclusivity agreement” with Wachovia.

Online auction firm eBay is on offer after announcing plans to cut 1,000 jobs as it seeks to trim its workforce by 10%. Online bookseller Amazon falls back in sympathy.

Drugs firm Eli Lilly & Co said its board has given the go-ahead to buy biotechnology company ImClone Systems for more than $6bn. Lilly said Monday it will pay $70 per share in cash for ImClone, which is a 50% premium to the price of its shares in July, before Bristol-Myers made its first bid.

After the close, Bank of America announced plans to raise $10bn in new equity as third-quarter net income fell to $1.18bn, or 15c a share, down 68% from a year ago. The dividend will also be halved.

Light crude closed down over $6 per barrel at under $88 per barrel.

S&P 500 - Risers
Apt Inv & Mngmnt Co (AIV) $35.00 +13.05%
Hartford Fin Svc (HIG) $30.90 +12.77%
Office Depot Inc. (ODP) $5.37 +10.95%
CME Group Inc. (CME) $399.59 +10.29%
Federated Inv Inc. (FII) $27.34 +6.96%

S&P 500 - Fallers
Natl City Corp. (NCC) $2.55 -27.35%
Range Res Corp. (RRC) $28.69 -15.98%
Stilwell Financial Inc. (JNS) $17.00 -15.00%
Lincoln Natl Corp. (LNC) $33.60 -14.35%
Nvidia Corp. (NVDA) $7.85 -13.07%

Dow Jones I.A - Risers
American Express Inc. (AXP) $30.95 +0.26%

Dow Jones I.A - Fallers
Bank Of America Corp. (BAC) $32.20 -6.61%
General Motors (GM) $8.48 -5.78%
Walt Disney-Disney C (DIS) $27.92 -5.48%
Microsoft Corp. (MSFT) $24.89 -5.43%
Boeing Co (BA) $51.00 -5.26%

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