Reply #34: 10:10 EST rebounding with Dewey decimals

[UpInArms]

Dow 13,136.39 129.90 (0.98%)
Nasdaq 2,650.85 45.15 (1.67%)
S&P 500 1,459.90 14.87 (1.01%)
10-Yr Bond 4.246% 0.027

NYSE Volume 538,618,187.5
Nasdaq Volume 461,151,218.75

09:40 am : The equity market is on the defensive following disappointing developments in the two most influential sectors in terms of their weighting.

The financial sector is under pressure after Wachovia (WB) announced that its CDO's dropped in value by $1.1 billion and that it increased provisions for loan losses in the fourth quarter by $500 million. There were also rumors that London based Barclays (BCS) is getting ready to announce a write-down of as much as $10 billion. According to Dow Jones, Barclays said there was no substance to those rumors.

The tech sector, which declined nearly 4.0% yesterday, is again out of favor following disappointing guidance from Qualcomm (QCOM). DJ30 -165.59 NASDAQ -62.84 SP500 -22.87