US Markets (DOW and NASDAQ) Today : March 27,2008

Source : CNN

Another bad day on Walstreet today. Continuing the trend from yesterday on account of subprime and economy fears , today DOW lost around 120 points(0.97%) and NASDAQ by 45 points (1.87%).

Triggers
1.Better than expected economic report ( stocks rise in the early part of the day)
2.Federal Reserve auctioned off another $75 billion in credit to investment banks. (part of $200 billion released in the first week of March)
3.Lehman Brothers analyst cut estimates on Citibank , Bank of America , UBS and other large-cap banks.
4.Google,the search leader saw slowing growth in clicks on the company's text ads in February, the second consecutive month of slowing traffic.
5.Lehman Brothers cut its first-quarter and 2008 earnings estimates and its 12-month price target on the search leader
6.The number of Americans filing new jobless claims were lower than expected last week
7.The economy grew at a tepid 0.6% annual rate in the fourth quarter of last year, the Commerce Department reported
8.crude oil for May delivery settled up $1.68 to $107.58
9.COMEX gold for April delivery settled down 40 cents to $948.80 an ounce

Tomorrow on Walstreet
1. reports on presonal income,personal spending
2. reports on inflation
3. reports on consumer confidence

Impact on India : Market can expect a gap down opening. Financial and IT stocks will be in presuure today. Interesting to see if Indian Markets can absorb these bad cues coming from US like it did yesterday.

Fingers crossed.