Crude-oil futures hit an exchange record, shrugging off a planned boost in oil production from OPEC as traders focused on depleting U.S. oil inventories and expectations of rising demand.
The front-month October light, sweet crude contract on the New York Mercantile Exchange rose 74 cents, or 1%, to $78.23 a barrel, the highest-ever settlement for a front-month contract.
Facing a sizeable amount of commercial paper due for renewal, banks and other issuers are sweetening offers to lure skittish investors back in.
Besides paying higher yields, issuers are disclosing exposure to subprime loan assets and taking steps to prevent a selloff of their assets in an effort to heighten investor interest, according to the Wall Street Journal.
Jim Cramers Mad Money Lightning Round Picks, 8-8-07
Here is a recap of August 8, 2007 Mad Money Lightning Round. He seems to have a different outlook on the market than what is actually taking place. He had 14 bull calls to only 7 bear calls.
He was bullish on international tech stocks Baidu.com and China Telecom. He was bearish on stocks like Best Buy and Lowes.
Check out the article for his explanations.
U.S. auto sales slowed across the board in July, hitting a Nine-Year low. General Motors suffered a 22% sales drop, Ford a 19% drop and the Chrysler an 8.4% slide. Toyota and Honda also posted 7% declines, though Toyota outsold Ford and Honda outsold Chrysler.
The only auto segment to increase sales was Toyota's Lexus, with less than a 1% increase.
XMSR fell $0.65 (5.2%) to $11.90 in trading Tuesday as XM Satellite Radio announced its Founder and CEO Hugh Panero will leave in August, regardless of whether XMSR's proposed merger with rival Sirius gets regulatory approval. Panero will be replaced on an interim basis by XMSR's current President and COO, Nate Davis.
Our market outlook is very weak. Stocks in general look overbought, both in technical terms and in terms of fundamental valuations. Internal breadth, price trends, and higher sustained volatility all suggest that even if we are not entering a new period of significant market weakness, the bullish party may be well over.