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July 24, 2007 |
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| DAILY WRAP UP |
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TODAY'S HEADLINES
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TSX Drops 400 Points, Biggest One-Day Fall Since '87; NY Down 226 Points The Toronto stock market plunged 400 points Tuesday as disappointing earnings news, hints of higher interest rates and lower oil prices persuaded investors to take profits from a runup that, as of last Thursday, had the TSX up about 13% year-to-date. The TSX tumbled 400.17 points or 2.75% to 14,068.16, its biggest one day drop since the big crash of 1987. But in those days, the Toronto index stood at about 3,200.
In New York, the Dow Jones industrials fell 226.47 points to 13,716.95.
Please click @here@ for the complete U.S. and Canadian market summaries. |
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The Technical Speculator: U.S. Dollar Threatens Key Support Level Technical indicators show that the U.S. dollar has further to fall. Countrywide Selloff Accelerates The Countrywide selloff steepened after CEO Angelo Mozilo said he doesn't expect the U.S. housing market to rebound this year or next. McDonald's Posts Its Second-Ever Loss McDonald's Corp. said Tuesday that it posted its second-ever loss -- its first in nearly five years -- losing $711.7 million in the second quarter because of a hefty one-time charge. AT&T Quarter on Track AT&T beat second-quarter earnings estimates, as the telco enjoyed strong growth in its wireless business, led by last month's launch of the Apple iPhone. DuPont Profit Is Below Consensus Chemical giant DuPont Co. on Tuesday reported second-quarter earnings similar to year-ago results as higher sales were offset by the cost of energy and accelerated biotech research.
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