Daily Market Notes July 8, 2009
PSEi 2,461.99 DOWN 9.77
value php 3,444,611,972.84
value sans LIB P1.5B
DOW 161.27 -1.98% 8,163.60
NASDAQ 41.23 -2.31% 1,746.17
S&P 500 17.69 -1.97% 881.03
With no new news to attribute the drop to, wall street analysts rephrase "renewed recession fears" and "doubts about the economic recovery" as the culprit.
As part of the world mourned Jackson in a memorial held at Staples Center LA via telecast, wall street continued falling.
Same story in the Psei. Won't go up dramatically, but still won't go down too much either in a typical day of paring losses by the close.
Local inflation eased, signalling more room for rate cut soon. Peso was weak at 48.3, while crude oil continued to sink to $62.
Daily Market Notes July 2, 2009
PSEi 2,438.04 UP 5.15
value php 1,954,009,525.00
DOW 57.06 +0.67% 8,504.06
NASDAQ 10.68 +0.58% 1,845.72
S&P 500 4.01 +0.44% 923.33
Investors moved back into stocks Wednesday after manufacturing and housing reports showed the pace of the contraction in those sectors is easing. But the over 120 point rally on the dow was pared down again by half.
So what is happening so far aside from the evident Sell on rally theme worldwide? It also seems that upon hitting 2 week low supports, sellers take a break and stop their selling, but heavy buying do not want to put their money in at those levels either.
