| Index | Last | Chg | % Chg |
| DJ Industrials | 13167.2 | -172.65 | -1.29% |
| Nasdaq Comp | 2574.46 | -61.28 | -2.32% |
| S&P 500 | 1445.9 | -22.05 | -1.50% |
| DJ Wilshire 5K | 14555.08 | -237.67 | -1.61% |
| Russell 2000 | 739.06 | -14.87 | -1.97% |
| Nasdaq 100 | 2020.8 | -51.31 | -2.48% |
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 581 | 609 | 311 |
| Declining | 2,605 | 2,376 | 1,005 |
| Unchanged | 64 | 92 | 73 |
| Total | 3,250 | 3,077 | 1,389 |
| New 52 Wk High | 13 | 12 | 13 |
| New 52 Wk Low | 365 | 312 | 127 |
| Total | 1,438,260,840 | 1,933,749,390 | 45,894,181 |
| Advancing | 261,862,820 | 204,234,700 | 7,693,700 |
| Declining | 1,157,106,220 | 1,706,798,144 | 36,823,801 |
| Unchanged | 19,291,800 | 22,716,546 | 1,376,680 |
| Futures | Last | Change |
| Crude Oil | 90.9 | -0.37 |
| Natural Gas, Mar | 7.215 | 0.05 |
| Gold, Feb | 798.5 | 0.5 |
From Briefing.com
| Moving the Market |  | Sector Watch |
| Moody's sounds cautious note on debt ratings for bond insurers, but does not yet lower credit ratings Lack of leadership; all 10 sectors end lower Caterpillar downgraded to underweight at Morgan Stanely Citi cuts recommendations on several bank stocks | Strong: building products; motorcycle manufacturers; agriculture products; tires & rubber; dept. stores; property & casualty insurance; gen. merch. stores Weak: diversified metals & mining; health care facilities; construction & engineering; oil & gas equipment; aluminum; retail REITs; industrial REITs; construction & farming; steel; industrial machinery |
The new week began much like the old week ended - on a decidedly lower note. Today's downdraft was fed by familiar concerns related to the financial sector that were identified by Citigroup in a downgrade of multiple banking stocks that included Bank of America (BAC 41.70, -0.46), JPMorgan Chase (JPM 44.53, -0.67) and US Bancorp (USB 31.81, -0.87) to name a few. Separately, a Morgan Stanley downgrade of leading industrial company Caterpillar (CAT 71.16, -2.23) from Equal Weight to Underweight also weighed on the market as it played into concerns about a slowing pace of capital investment and global economic growth. The Caterpillar downgrade overshadowed Ingersoll-Rand's (IR 43.68, -5.58) announcement that it is going to acquire Trane (TT 45.24, +8.04) for approximately $10.2 billion. That wasn't the only notable deal this Monday. National Oilwell Varco (NOV 70.69, -6.68) stepped up with a $7.5 billion offer to acquire Grant Prideco (GRP 53.91, +6.45), a recommended holding in Briefing.com's Active Portfolio that has gained close to 130% since its inclusion. In keeping with the broader market mood, neither deal sparked much residual buying interest. In fact, the industrials (-1.7%) and energy (-2.1%) sectors were among today's worst-performing areas. The materials (-3.1%) sector suffered the largest loss as growth concerns drove selling interest in the deep cyclical space. Technology (-2.1%) was another hard-hit area as large-cap components were targets for today's sellers. Like Friday, there wasn't a single winner from a sector standpoint. The lack of leadership was evident in the major indices which, once again, finished basically at their lows for the day. On a comparative basis, the financial sector (-0.9%) outperformed as gains in bond insurance companies MBIA (MBI 28.54, +0.94) and Ambac Financial (ABK 26.66, +3.85) provided a measure of support. Both companies benefited from news that Moody's decided to maintain their triple-A ratings. Overall, though, winners were few and far in between. Decliners outpaced advancers at the NYSE and Nasdaq by a healthy margin. Losses in the equity market fed another flight-to-safety bid in Treasuries that saw the 10-year note jump 23 ticks and its yield fall to 4.14%. A weaker than expected regional manufacturing report also provided a lift for the Treasury market. Before the open, it was reported that the New York Empire State Index showed a reading of 10.3 for November. While a number above zero reflects growth, the reading was well below the prior month's reading of 27.7 and the consensus estimate of 20.0. The market didn't show much reaction to the Q3 Current Account Deficit and October Net Foreign Purchases reports, both of which were better than expected. |
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