Comprehensive gain on Tuesday, 5 August 2008

On Tuesday, 5 August 2008 NASDAQ stock market attained a comprehensive percentage of gain. It closed on 2349.83 with an increase of + 64.27 per cent. This was mainly due to dwindling oil prices, better economic estimates of the service sector and no change in the discount rate i.e. 2.25 Per cent. The crude oil prices are down 2.3 per cent to $ 118.65 per cent. All the ten sectors were able to gain a substantial amount of profits with seven sectors out of these ten sectors increased up to 2 per cent. The financials (2.1%) and discretionary (+2.2%) were the major stocks that topped the session. Proctor & Gamble (PG 67.73, +1.91) was one of the major stocks that recorded a substantial earnings as expected. However, Molson Coors Brewing (TAP 48.21, -6.22), Archer Daniels Midland (ADM 26.10, -1.30) and MGM Mirage (MGM 34.22, +3.22) earnings estimates were not up to the expectations.