U.S. stocks opened lower on Monday, with investors retreating after a six-week run to the upside. The Dow Jones Industrial Average fell 122 points to 8,008 thanks to the financials. The S&P 500 dropped 15 points to 853, while the Nasdaq Composite shed 32 points to 1,640. The banks are in focus once again. Bank of America reported better than expected profits thanks to a number of one time gains. The stock is lower by 12% due to the continuing credit deterioration. Citigroup and Suntrust are both lower by 12% thanks to downgrades. Bank of Hawaii beat by a penny, but the stock is lower by 7%. Other companies reporting earnings include Eaton, Weatherford, Halliburton, Lilly, Hasbro, and Pepsi. Only Lilly is higher after beating by 21 cents. Oil and the rest of the commodities are lower this morning. Agrium had a nice positive article in Barrons over the weekend, but the stock is lower by 4%. The techs are lower as well except for SunMicrosystems. Sun is the diamond of the day, jumping 35%, thanks to the white knight Oracle stepping in to buy the firm for $9.50 a share in cash. Not bad. After the first hour, a broad market sell off. The Dow dropped over 200 points. The Nasdaq declined 50 points. Through the morning, more the same. Nothing looks good other than gold. In the afternoon, the averages moved lower. Our six week rally looks to have hit a snag. In the last hour, no rebound, just more selling, particularly in the financials. The Dow Jones Industrial Average finished down 289 points, or 3.6%, at 7,841. The S&P 500 dropped 37 points, or 4.3%, to 832, while the Nasdaq Composite shed 64 points, or 3.9%, to 1,608.
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