Stocks Can't Escape Hurricane, Despite Gustav Retreat
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Stocks erased all the gains from this morning's powerful rally, with all the major indexes finishing in the red. The Dow, after trading up 250 points, ended the day down 26. The S&P saw similar action, losing 5 points, and the Nasdaq fell 18 points on the session.
Today's sell-off in crude, after fears about Hurricane Gustav never materialized, had investors in a euphoric mood this morning, but the optimism waned as more concerns about financial stocks and the slowing economy crept in as the day progressed. Crude, after trading as low as $105.46, finished the day down $5.84, or 5.1%, to $109.62 per barrel on NYMEX. With more storms developing in the Atlantic, many expect the volatility in the commodity to continue.
Analysts continue to expect whipsaw action on Wall Street until more clarity can me given in the financial sector, including the Fannie Mae (NYSE: FNM)/Freddie Mac (NYSE: FRE) situation and Lehman Brothers (NYSE: LEH).
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