This is The Wall Street Digest Hotline Update for Tuesday, October 2, 2007, at 6:00 p.m. EST.
Falling pending home sales pushed stock prices lower today. At the close, the Dow lost 40 points, closing at 14,047, while the Nasdaq gained 6 points, closing at 2,747. Oil closed down $0.19 to $80.05 per barrel, and gold closed down $17.80 at $736.30 an ounce.
September's pending sales for existing homes fell 6.5 percent from July and 21.5 percent from a year ago. The availability of mortgage money contributed to the drop.
Ford's sales were down 21 percent in September, while GM's sales were flat compared to a year ago. Toyota's September car sales were down 3.5 percent; truck sales were down 5.7 percent.
Stay fully invested! Stock prices in Asia, India and the emerging markets will outperform the U.S. stock markets because of the falling dollar.
Global/international investments will enhance your investment returns as the dollar declines against other currencies. Stay close to our telephone/e-mail/website Hotline Updates.
The next Hotline Update will be on Friday, October 5, 2007, at 6:00 p.m. EST