Broad based pressure to start the day/week with last week's worries (inflation,
credit markets), overseas weakness, and weekend comments from Greenspan
(mentioned stagflation) cited as market concerns. Technically, the poor close
to last week/negative candlestick alluded to follow through pressure with the
indices trending slowly but steadily lower most of the day. The Dow and Nasdaq
Comp joined the S&P 500 below their 200 day averages while the Russell 200 came
within roughly four points of its Nov/52-wk close low at 735 (52-wk intraday
low 734).
The worst performing sectors were paced by Airline -5.2%, Steel -3.7%, Internet
HOLDRs -3.5%, Oil Service -3.2%, Paper -2.7%, Chemical -2.7%, Restaurant -2.3%,
Mining -2.2%, Software -2.1%, Networking -2%, Biotech HOLDRs -2% and Telecom
-2%.
Market summary Dec 17 - Close
Dow13,167.20-172.65 (-1.29%)
Nasdaq2,574.46-61.28 (-2.32%)
S&P 5001,445.90-22.05 (-1.50%)
10y bond4.14%-0.07(-1.66%)
USD-Euro0.694+0.0071(1.027%)
USD-Yen112.910+0.1700(0.151%)
USD-GBP0.495+0.0029(0.594%)
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