Market Summary 11-14-07

Index	Last	Chg	% Chg
DJ Industrials	13231.01	-76.08	-0.57%
Nasdaq Comp	2644.32	-29.33	-1.10%
S&P 500	1470.58	-10.47	-0.71%
DJ Wilshire 5K	14851.29	-99.36	-0.66%
Russell 2000	782.47	-6.68	-0.85%
Nasdaq 100	2038.05	-28.03	-1.36%

Issues	NYSE	Nasdaq	Amex
Advancing	1,246	1,208	581
Declining	2,051	1,788	665
Unchanged	83	126	87
Total	3,380	3,122	1,333
New 52 Week High	45	39	14
New 52 Week Low	154	108	62
Total	1,484,186,060	2,428,958,250	38,852,452
Advancing	512,754,760	778,144,416	17,539,320
Declining	938,686,410	1,637,819,604	19,969,632
Unchanged	32,744,890	12,994,230	1,343,500

Futures	Last	Change
Crude Oil	94.14	0.05
Natural Gas, Jan	8.231	0.001
Gold, Dec.	817.3	2.6

From Briefing.com:

Moving the Market		Sector Watch
Core-PPI for October unchanged (consensus +0.2%); helps temper inflation concerns October retail sales +0.2% (consensus +0.2%); helps temper recession concerns as it is clear consumers continue to spend Bear Stearns says would like to hope worst of mortgage markdowns are behind them Late-day profit taking pushes indices into the red		Strong: home furnishings; div. metals & minerals; steel; construction & engineering; human resources & employment services; agriculture products; fertilizer & agriculture chemicals; trading centers & distribution; investment banks & brokerages Weak: IT consulting & services; gen. merch stores; office REITs; Dept. stores; residential REITs; apparel retail; distributors; consumer electronics; home entertainment software

	After spending most of Wednesday hovering slightly above the unchanged mark, a steep and broad-based late-day sell-off pushed the major indices into the red. There was not a specific news item to account for the plunge. Traders were likely locking in profits following yesterday's big move. Of note, there was a large number of buy orders right before the close. Financials kicked off a positive start this morning after Bear Stearns (BSC 103.45, +2.58) said it will write-down $1.2 billion of subprime-related assets in the fourth quarter and report a loss for the period. The write-down amount, though, was less than the market expected; moreover, Bear Stearns noted its CDO exposure had been cut by more than half since August and that it hopes that the worst of the mortgage markdowns are behind it. On a related note, The New York Post reported that Merrill Lynch (MER 57.88, +0.93) is expected to announce that it has hired New York Stock Exchange CEO John Thain to replace ousted CEO Stan O'Neal. Shortly after the closing bell, Thain appeared on CNBC and confirmed he is taking Merrill's top job. The financial sector, though, eventually lost steam, finishing the day 0.7% lower. In merger and acquisition news, it was widely reported that the nation's second and third largest airlines, UAL Corp (UAUA 44.17, +0.67) and Delta Air Lines (DAL 19.56, +0.81) are in talks regarding a possible merger. Reports indicate the companies would keep the United name and the corporate headquarters would be located in the Chicago area. Shares of the airlines spiked on the news, as did the Amex Airline Index (+0.2%). The airlines then gave up a large portion of their intraday gains following subsequent reports and a confirmation that Delta is not in merger talks with UAL. Overall, commodities gained today, as indicated by the 1.7% rise in the CRB Index. The strength in commodities helped the materials sector finish 0.4% higher, which, beside consumer staples, was the only sector to finish in positive territory. Crude oil rallied 2.9% to $93.78 per barrel. Bloomberg.com reports that today's rise in oil prices was due to speculation that U.S. stockpiles will show a draw tomorrow, and that its recent sell-off was overdone. The consumer discretionary sector (-2.0%) was the biggest laggard in today's session as retailers have come under pressure following the October retail sales report. Although retail sales were reported to have increased 0.2%, the uninspiring pace of growth ahead of the key holiday selling season, and relatively disappointing fourth quarter guidance from Macy's (M 28.49, -2.16) have tempered some of the enthusiasm surrounding yesterday's retail rally. There was also notable weakness in the tech sector today (-1.5%), which caused the Nasdaq to trail behind the other major indices. The sector rallied 4.0% on Tuesday. Separately, the market received good inflation news before the start of trading as the core-Producer Price Index, which excludes food and energy, was unchanged in October. The market was expecting a 0.2% increase.