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Date: Friday 10 Oct 2008

  • Market Movers
  • Dow Jones 30: 8,229, down 349 (-4.08%)
  • S&P 500: 866, down 43 (-4.78%)
  • NASDAQ Composite: 1,585, down 59 (-3.64%)

LONDON (ShareCast) - US stocks had a jittery morning session in which an attempt at a rally fizzled out and shares resumed the headlong plunge embarked upon yesterday.

Morgan Stanley again came under selling pressure after credit rating agency Moody’s said it may downgrade the former investment bank’s debt rating. Goldman Sachs slumped in sympathy.

Energy stocks hit the skids after oil slipped below $80 a barrel on fears that a world-wide recession will hit demand. Chesapeake Energy, National Oilwell, Exxon Mobil and Southwestern Energy were among many oil related stocks suffering double-digit percentage falls.

Wachovia was a bright point, however, advancing by almost one-third after Citicorp said it was giving up the fight to gain control of the bank which will now be able to proceed with its agreed takeover by Wells Fargo. Other regional banks such as Keycorp and Sovereign Bancorp were also wanted.

General Electric said today that earnings dropped 10% while revenue increased 11% in the third quarter, in line with expectations.

Car manufacturer General Motors improved after it dismissed speculation that it is considering bankruptcy.

On the economic front, the Commerce Department said the trade balance in August shrunk to $59.1bn, slightly worse that expected, and smaller than July's revised $61.3bn.

The Labor Department said its import price index decreased 3% in September, led by a decrease in oil prices. Concerns about economic growth have dampened demand for crude.

S&P 500 - Risers
Wachovia Corp. (WB) $4.75 +31.94%
Xl Capital Ltd. (XL) $5.06 +26.18%
Slm Corp. (SLM) $7.50 +17.19%
Ford Motor Co (F) $2.33 +11.93%
General Growth Property Inc. (GGP) $4.20 +7.69%
Lincoln Natl Corp. (LNC) $19.53 +6.66%
Unumprovident Corp. (UNM) $15.66 +6.03%
Keycorp (KEY) $6.79 +5.76%
Sovereign Bancorp (SOV) $3.44 +5.52%
Cognizant Technology Solutions Corp. (CTSH) $17.04 +5.51%

S&P 500 - Fallers
Morgan Stanley (MS) $8.18 -34.30%
Chesapeake Energy Corp. (CHK) $12.82 -27.61%
Aes Corp. Inc. (AES) $6.99 -19.00%
Goldman Sachs Group Inc. (GS) $82.21 -18.89%
National Oilwell Varco (NOV) $23.28 -18.89%
Coca Cola Entrpr Inc. (CCE) $9.88 -18.55%
Xto Energy Inc. (XTO) $26.31 -18.32%
Autonation Inc. (AN) $7.09 -17.08%
BJ Services Company (BJS) $9.70 -16.81%
Southwestern Energy (SWN) $19.58 -16.61%

Dow Jones I.A - Risers
General Motors (GM) $5.01 +5.25%
JP Morgan Chase Co (JPM) $37.68 +2.73%
Bank Of America Corp. (BAC) $20.13 +2.55%
Citigroup Inc. (C) $12.97 +0.31%
Gen Electric Co (GE) $19.03 +0.10%

Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $60.32 -11.29%
Chevron Corp. (CVX) $57.74 -9.78%
American Express Inc. (AXP) $22.34 -6.92%
Alcoa Inc. (AA) $11.60 -6.90%
Intel Corp. (INTC) $14.58 -6.54%
Microsoft Corp. (MSFT) $20.98 -5.92%
Caterpillar Inc. (CAT) $42.26 -5.67%
Boeing Co (BA) $41.90 -5.64%
Procter Gamble Co (PG) $57.66 -5.29%
Home Depot Inc. (HD) $18.93 -5.02%

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