- The Geithner Affect On Markets
- What Citi Is Doing
- Why This Was A Different Sell-Off
- Trader Voices Growing: Break Up Citi
- Trouble With Stocks: Lost Identity
- The Doomsday Scenario For Automakers
- Money Manager Peter Schiff Had It Right In 2006
- Traders Expecting Market Rise At Today's End
- Why There's No Market Rally
- Guidance Is Now A Tricky Business
- Out with Cox, in with Uptick Rule
- Pops & Drops: Hewlett-Packard, JP Morgan & Air Wagoner
- Mad Money Green Week: Owens Corning
- Fast & Furious: It's All About Soup
- Web Extra: The Trade on Walmart and RIMM
- Chartology: Grossly Oversold and Favoring the Upside
- The "Armageddon" Gameplan
- What's Next for Citigroup?
- What to Expect From a Geithner-led Treasury
- Citigroup Talks, But Nothing 'Walks' To Stabilize
- Soros: More Money Needed For U.S. Bailout
- HP Earnings: How Much Will "Hurt" From Economy?
- Obama Warns On Economy: Works On Stimulus Plan
- Citigroup's Ills May Signal Market Isn't Near Bottom
- US Inflation Bonds Hit by Deflation, May Recover
- Pros Say: Market Will Drop 5-10% — Ford Will Boom
- Bonds Drop on Profit-Taking, Geithner Move
- Jack Welch on Detroit: Let Them Go Bankrupt
More Videos
Text Size 
Weakness in financials -- particularly over concern that the equity in Fannie Mae [FNM
Loading...
()
] and Freddie Mac [FRE
Loading...
()
] could go to zero -- was the primary driver of today's activity.
Traders in tech stocks -- the market leader -- took advantage of the market weakness to lighten up on their positions.
Finally, even energy stocks saw a late-day selloff. The Amex Oil Index [.XOI
Loading...
()
] closed at a new low.
The housing news from southern California is illustrative of the elusive nature of this housing crisis: a little good news, but still mostly bad.
The good news, according to AP, is that bargain hunters are out: sales hit a 16-month high.
The bad news:
1) Prices keep dropping: to a median of $348,000, down from $355,000 in June and a peak of $505,000 in July 2007 (down 30 percent from peak);
2) Foreclosures were still huge, at 43.6 percent of all sales, up from 41.8 percent in June, and 7.9 percent in July 2007. Most of these distressed sales were in newer neighborhoods.
Questions? Comments?
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes