Crude oil price fall and better quarterly reports make market UP again

On Wednesday, July 30, 2008, the NASDAQ continued to roll on and record substantial profits. It closed on 2329.72 recording an increase of + 10.10. The stocks of construction and engineering, oil and gas refining, fertilizers and agricultural chemicals, etc. were strong. The stock market was lifted due to the descent fall in the crude oil prices, several better quarterly reports, etc. The crude oil prices decreased 2.3 per cent to $ 121.87 per barrel.

A majority of the quarterly earnings reports were better than was expected. There were some of the bigger names in the stock market that topped the earnings estimates such as Amgen (AMGN 62.22, + 1.74), Colgate-Palmolive (CL 74.23, + 5.67), Valero Energy (VLO 33.30, + 1.49), Waste Management (WMI 35.92, +0.85). Corning (GLW 20.42, -0.90), Electronic Arts (ERTS 43.50, -3.90), Garmin (GRMN 37.52, -7.54) and MetLife (MET 50.13, -2.68) were some of the major stocks that disappointed on Wednesday. However, ArcelorMittal (MT 89.03, +5.03), Avon Products (AVP 42.01, +4.44), Comcast (CMCSA 20.28, +1.10), Hess (HES 100.34, +6.09) and Viacom (VIA.B 28.34, -1.49) traded higher majorly due their better earnings reports.

NASDAQ Week Started on Low Note

Monday 28th July 2008 did not proved to be a very profitable session for the stock market bulls in NASDAQ. The stocks collapsed at 1.9 per cent because the financial sector was not able to hold on its initial opening gains. There were certain stocks that gained namely biotechnology, steel, packaged foods and meats. On the other hand the stocks of automobile manufacturing sector, investment banking sector, real estate sector, auto parts and equipment sector etc. were relatively weak. Amgen (AMGN 60.48, +6.56) recorded a solid gain and was also the best performing stock on Monday. Kraft Foods (KFT 30.87, +1.49) was another stock that gained considerably.