The markets had a rough session today as more disappointing housing data was released. Investors seemed to panic after hearing that sales of existing homes dropped 27 percent last month. The Dow Jones lost 133.96 points, and even slipped below the 10,000 point mark for part of the session. The Nasdaq forfeited 35.87 points to close at 2,123.76 while the S&P 500 tumbled down 15.49 points to 1,051.87. In corporate news, Barnes & Noble (BKS) reported a first quarter loss, and Medtronic (MDT) missed its second quarter earnings forecast by a penny. The dollar fell to a new 15 year low against the yen, and the price of Nymex crude oil for October dropped to $71.63 per barrel. However, the cost of gold jumped up $4.90 per troy ounce to $1,231.80.
Word on the Street
- Existing homes sales in July took a nasty nose dive as sales dropped 27 percent. Will the housing market ever recover?
- Hewlett Packard (HPQ) raises some eyebrows today with its $1.6 billion bid to buy 3Par.
- Obama’s approval ratings are taking a hit. At the moment, more Americans disapprove of the President’s performance than approve it. The focal point of the American public’s dissatisfaction seems to be a growing concern about employment.
- Are we in a recession or a depression? What’s the difference?
- Philadelphia may start requiring bloggers to apply for a license. The question is- why?
- The oil spill in the Gulf may be on track for a quicker recovery thanks to bacteria. Scientists are using specific types of microbes to help fight the oil.
- The current economic climate is changing our perception of “normal”. What aspects of today’s economy are around for the long haul?
- Apple (AAPL) is working hard to bring iTunes users 99 cent TV show rentals.
Other Juicy Tidbits
- Everybody hates traffic, but imagine being stuck in it for ten days. Well, some drivers in China don’t have to because they actually are.
- The iPad seems to being overcoming the corporate hurdle that the iPhone never was quite able to jump.
- There is a growing demand that Craigslist remove its adult services section since it cannot effectively monitor the types of ads being posted.
Bad news in the economy is going to continue but there have been measures that have been set in motion though the results will be not in the near future but they will come eventually. Patience and perseverance towards the future is needed.