U.S. stocks down Monday, up for 2007
Published: Dec. 31, 2007 at 4:57 PM
NEW YORK, Dec. 31 (UPI) -- U.S. stock indexes closed down Monday but finished the year on the positive side despite credit market woes.
The Dow Jones industrial average lost 101.05 points, 0.76 percent, and closed at 13,264.82. The Nasdaq composite index finished 22.18 points lower, 0.83 percent, at 2,652.28. The Standard & Poors's 500 was down 10.13 points, 0.69 percent, at 1,468.36.
Dow industrials were up by more than 7 percent for 2007. The S&P 500 was up more than 4 percent, while the Nasdaq climbed 11 percent.
Stocks were pressured by investors hoping for a year-end bounce but taking losses for tax purposes instead, Fred Dickson, D.A. Davidson chief market analyst, told The Wall Street Journal.
"It will be very interesting to take the measure of the market's real mood Wednesday when the tax-loss selling pressure is gone," he said.
On the New York Stock Exchange, 1,414 stocks gained and 1,747 fell on a listed volume of 2.4 billion shares.
The 10-year U.S. Treasury note yielded 4.029 percent Monday.
The euro traded at $1.4590 from $1.4716 Friday. The dollar traded at 111.63 yen from 112.64 yen.
Britain's FTSE 100 Index dropped 0.3 percent to 6,456.90.
The Japanese market was closed.
The Dow Jones industrial average lost 101.05 points, 0.76 percent, and closed at 13,264.82. The Nasdaq composite index finished 22.18 points lower, 0.83 percent, at 2,652.28. The Standard & Poors's 500 was down 10.13 points, 0.69 percent, at 1,468.36.
Dow industrials were up by more than 7 percent for 2007. The S&P 500 was up more than 4 percent, while the Nasdaq climbed 11 percent.
Stocks were pressured by investors hoping for a year-end bounce but taking losses for tax purposes instead, Fred Dickson, D.A. Davidson chief market analyst, told The Wall Street Journal.
"It will be very interesting to take the measure of the market's real mood Wednesday when the tax-loss selling pressure is gone," he said.
On the New York Stock Exchange, 1,414 stocks gained and 1,747 fell on a listed volume of 2.4 billion shares.
The 10-year U.S. Treasury note yielded 4.029 percent Monday.
The euro traded at $1.4590 from $1.4716 Friday. The dollar traded at 111.63 yen from 112.64 yen.
Britain's FTSE 100 Index dropped 0.3 percent to 6,456.90.
The Japanese market was closed.
© 2007 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
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