The Dow Is Falling, the Dow is Falling
By Naked Stocks Staff
Wednesday was a milestone for U.S. markets, albeit not in a good way – for the first time since 2003, the Dow Jones Industrial Average fell below 8,000 to 7,997.28. The Dow, an index of the 30 biggest stocks in the U.S., is a bellwether of the overall stock market. According to the Associated Press, the Dow wasn’t the only economic indicator to take a hit:
Volatility in the stock market has kept demand for Treasury bonds high. The yield on the benchmark 10-year Treasury note fell to 3.41 percent from 3.53 percent on Tuesday.
In another sign that the housing market is still suffering, the Mortgage Bankers Association said mortgage application volume fell 6.2 percent during the week ended Nov. 14. The trade group’s application index slipped to 398.6 during the week, down from 425 a week earlier. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
Another rate cut from the Fed is expected before Thanksgiving. Stay tuned - Editor Justin Picard will be back tomorrow with an interesting look at some pharmaceutical stocks…